Nurburgring extends GP deal

Track promoter Walter Kafitz and regional government authorities confirmed today (Tuesday) that their deal with Formula 1 commercial rights chief Bernie Ecclestone had been extended by five years. This will mean that Germany will hold two grands prix until at least 2008, as Hockenheim also recently extended its deal.

"The German automotive industry is playing a key role in F1," said Ecclestone. "We've signed a new deal with the Nurburgring."

Despite this development, Ecclestone has said that he believes races in Europe will not be able to compete with those in Far East and Asia in future, as he stated: "In the next 10 years Europe is going to become a third world economy."

FIA chief Max Mosley, meanwhile, said that he would rather see the number of F1 races trimmed, rather than increased.

"In the longer term, we would prefer to see 16 races," said Mosley. "I think what we will end up with is hardly any testing, but not 20 races. It's questionable whether we need 20 grands prix."