Nürburgring set for long term F1 deal
17 June 2014 – The Nürburgring is inching closer to becoming the permanent home of the German Grand Prix from next season, according to the new owners of the circuit.
The Nürburgring and Hockenheim have shared hosting duties of the race since 2007 after both circuits encountered financial difficulties.
The Nürburgring has had financial problems for the last few years following an ill-fated renovation project but its new owners have announced their intention to host the race on an annual basis from 2015.
"The head of the Formula One Group, Bernie Ecclestone, and Capricorn founder Dr. Robertino Wild, the main partner of the Nürburgring, have been holding negotiations on a long-term strategic partnership for Formula 1 at the Nürburgring", read a statement.
"Mr Ecclestone and Dr. Wild share a desire to hold the prestigious Formula 1 race at the Nürburgring every year for at least five years from 2015. Both sides are convinced that this will deliver significant advantages and added value for all stakeholders of the event.
"It will also generate optimum, long-term planning opportunities for sponsors and business partners. A lasting commitment of Formula 1 to the Nürburgring is thus achievable and within reach.
"The partnership approach also paves the way for a new financing model, which provides for a balanced distribution of the profits in a way that fairly reflects the positions of both partners. The intention is to extend the partnership beyond five years. There is also agreement between Mr Ecclestone and Dr. Wild that immediate discussions with potential partners and sponsors will now be held."
This year's event takes place at Hockenheim on the weekend of July 18-20.