Moves to rescue Hockenheimring
Motor sport: The German town of Hockenheim hopes the state of Baden Wuerttemberg will rescue its debt-ridden grand prix circuit, Michael Schumacher's home track, from possible bankruptcy, the town's mayor said yesterday. "I'm hoping the state (of Baden Wuerttemberg) will get involved," Hockenheim mayor Dieter Gummer said.
The circuit, known as the Hockenheimring, is home to Germany's Formula One Grand Prix but is saddled with an estimated operating loss of around €1.5 million for 2006, Gummer said. He also confirmed an international accounting firm had estimated in an unpublished report that Hockenheimring could face insolvency as early as April 2006 if its debt problems are not resolved.
Gummer said in order to ease the financial difficulties of the Formula One track he was planning to restructure Hockenheimring's debt. "I expect that the 2006, 2007 and 2008 grands prix will take place as planned," Gummer said.