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Formula 1
F1: German State Guarantees Loan For Nurburgring
A loan from a German state will keep the Nurburgring afloat and possibly help the circuit keep its place on the 2013 F1 calendar...
The Nurburgring last hosted Formula One in 2011. (Photo: LAT Photographic)
A German state is releasing €254 million ($312 million) to guarantee a loan for the financially troubled Nurburgring circuit.
The budget committee in Rhineland-Palatinate's state legislature approved the move Wednesday so the Nurburgring can service a €330 million loan and stay afloat.
The circuit, which has hosted Formula One's German Grand Prix every other year, launched insolvency proceedings last week.
The Nurburgring's troubles and the local government's increasing financial involvement have become a political headache for state governor Kurt Beck, who backed efforts to build the circuit into a major tourist attraction.
Beck had repeatedly assured voters they wouldn't be financially liable for the redevelopment of the circuit.
Beck, of Germany's main opposition Social Democrats, on Wednesday rejected calls for his resignation.
The budget committee in Rhineland-Palatinate's state legislature approved the move Wednesday so the Nurburgring can service a €330 million loan and stay afloat.
The circuit, which has hosted Formula One's German Grand Prix every other year, launched insolvency proceedings last week.
The Nurburgring's troubles and the local government's increasing financial involvement have become a political headache for state governor Kurt Beck, who backed efforts to build the circuit into a major tourist attraction.
Beck had repeatedly assured voters they wouldn't be financially liable for the redevelopment of the circuit.
Beck, of Germany's main opposition Social Democrats, on Wednesday rejected calls for his resignation.
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