Jan. 31 (Bloomberg) -- Formula One’s German Grand Prix will go ahead as planned on July 7 after the Nuerburgring racetrack’s management company reached a financial agreement with series Chief Executive Officer Bernie Ecclestone.
Nuerburgring Betriebsgesellschaft mbH declined to disclose the terms in an e-mailed statement.
The Nuerburgring, in a region that has racing heritage dating back to the 1920s, alternates holding Germany’s annual Formula One race with a circuit at Hockenheim. Both have had financial difficulties since 2008, and have turned to local authorities for assistance.
“I appreciate the Nuerburgring and its history very much,” Ecclestone, 82, said in the statement. “Even today, this Grand Prix circuit poses the highest demands on drivers and teams. I am delighted the Nuerburgring will host the Formula One race.”
There was a risk the German Grand Prix, a fixture on the Formula One calendar for more than half a century, could have dropped off this year, the British Broadcasting Corp reported yesterday, citing Ecclestone.
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