Nurburgring in talks with Bernie Ecclestone about F1 return in 2017

The circuit was due to hold the German Grand Prix earlier this year, as per its rotational policy with Hockenheim.

But ongoing financial difficulties and changes of ownership eventually forced it to pull out last winter.

Ecclestone hoped Hockenheim would step into the breach and take up the July 19 slot, but negotiations failed, ensuring there was no race in Germany this year, for the first time since 1960.

Hockenheim will take up hosting the German GP as scheduled for 2016, with the Nurburgring looking to follow suit the year after.

Explaining the situation, Nurburgring CEO Carsten Schumacher said: "We had long discussions about Formula 1 this year.

"We were very committed to making sure we had a race, and I regret it did not occur at the end of the day, but we could not and would not bear alone the risks.

"Instead of Formula 1, we then had the WEC race. This was an outstanding success.

"Of course, I have regrets for the fans, the region and also for us, the Formula 1 race could not take place, but in addition there is the business side.

"In retrospect, we have not met anyone who said we made a wrong decision - on the contrary."

Schumacher is now hoping talks with Ecclestone will result in a positive outcome and the race will be staged at the Nurburgring in '17, but the deal has to be right.

Speaking to motorsport-total, Schumacher added: "We strive for a Formula 1 race in 2017 and are in appropriate discussions with Bernie.

"The theme of Formula 1 is not off the table. I hope Formula 1 will return to its former strength, and if the value for money is true, then we will [return]."