Nurburgring gets financial help

The Nurburgring's future has been secured for now after the German track's short-term debt has been helped by a government bail-out.

The F1 circuit, which is due to host the German GP next year as it continues to alternate with Hockenheim, was threatened with insolvency recently as track operators, Nurburgring GmbH, were heavily in debt following substantial redevelopment in 2009. However, the state government of Rheinland-Palatinate, who own 90 per cent of the track's holding company, have now set aside funds to help bail it out and the track's short-term future has been secured. Reports say £200m has been given to guarantee a £259m loan that was initially required for the redevelopment. Speaking to reporters in Germany, track boss Jorg Linder said: "I am very optimistic that Formula One will be going to the Nurburgring next year." This year's German race was held in Hockenheim earlier this summer and it is now expected the Nurburgring will be able to stage the event in 2013 after the bail-out.