Nurburgring not losing F1

(GMM) The boss of the Nurburgring has played down speculation that recent multi million dollar losses could spell an end to the German circuit's appearance on the F1 calendar.

Managing director Walter Kafitz admitted concern at declining spectator figures and the retirement of Michael Schumacher, but insisted that "our lights are not going out".

"We have a contract until 2011," the news agency 'sid' quoted him as saying, "and in the interest of the region we want to keep F1 here.

"Our problems are no different to those of any other (grand prix) circuit — we all make losses."

Starting this year, the track will share Germany's annual GP with Hockenheim, meaning that the Nurburgring will host just three races before the end of its current contract.

Kafitz admitted that Bernie Ecclestone's annual race-fee increase of 10 per cent is also hurting the Nurburgring, as will the retirement of local hero Schumacher.

He continued: "But there is also a set of new young German drivers, and who knows: maybe one of them will become a 'new Schumi'."