Hockenheim secures Formula 1 future

The venue's place on the F1 calendar had been thrown into doubt with the track baulking at the expected six million Euros cost of hosting the race next year.

However, on the back of discussions with Formula One Administration, a financial package has been put in place where the two parties agree to share the liabilities of the event for the foreseeable future.

Circuit bosses said in a statement: "The new contract not only ensures the continuation of the now nearly four-decade long tradition of Formula 1 at Hockenheim for another decade, but also includes a financial agreement where the FOA and the Hockenheim Ring Gmbh, agree to co-operation on the business opportunities and risks of the event."

Hockenheim and the Nurburgring have put in place a race-share deal where they alternate the German Grand Prix, to save of costs. Next year's Hockenheim race is scheduled to take place on July 25.