Schumacher's F1 home track hopes for rescue
(Reuters)
Updated: 2005-12-28 10:07

BERLIN, Dec 27 (Reuters) - 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 on Tuesday.

"I'm hoping that the state (of Baden Wuerttemberg) will get involved," Hockenheim mayor Dieter Gummer told the SID sports news agency.

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 euros ($1.78 million) for 2006, Gummer said.

He also confirmed that an international accounting firm had estimated in an unpublished report that Hockenheimring could face insolvency as early as April 2006 if its debt problems are not resolved.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 that in order to ease the financial difficulties of the Formula One track in southwest Germany he was planning to restructure Hockenheimring's debt.

"I expect that that the 2006, 2007 and 2008 Grands Prix will take place as planned," Gummer said.

The Hockenheimring, the home turf of seven-times world champion Schumacher, was built in 2001 for 65 million euros.