German Grand Prix future in doubt
5 March 2014 – Formula 1 supremo Bernie Ecclestone has warned that the future of the German Grand Prix is in doubt after revealing that his bid to buy the Nürburgring has failed.
The circuit alternates hosting duties for the German Grand Prix with Hockenheim but the host of the 2014 event is not prepared to do so on an annual basis.
The historic Nurburgring circuit has been in financial difficulties since a $370m redevelopment in 2009 which included the construction of a shopping centre and a rollercoaster.
The venue has been up for sale since May last year.
"The German Grand Prix is in trouble because they haven't got any money," Ecclestone is quoted as saying by City AM.
"It is in trouble because it used to be supported by the council but now the European Commission has said people can't use that sort of money for this sort of thing.
"On Wednesday they are going to make up their mind whether to accept the offers. None is from me. When I go to an auction I want to leave a bid, which is what I did, and somebody could offer more. I don’t know what’s happening there.
"I offered them $50m. You have got a massive facility, nice hotels, a lot of land, a lot of buildings and the race track. It’s a good investment."
It is reported that three bidders interested in acquiring the circuit are German company Capricorn, investment firm H.I.G capital and an American group.