German oval files for insolvency

The eastern German circuit - which hosts rounds of the CART Championship, DTM, ASCAR and World Superbikes - has racked up losses since it was completed in 2000. The regional government is keen, however, that it continues to operate and is looking for potential buyers.

The track, formerly known as the Lausitzring, has also been dogged by a sequence of unfortunate accidents including the fatal testing crash which claimed Audi sportscar star Michele Alboreto, and a separate incident that led to the death of a marshal. Last year, Alex Zanardi lost both his legs in its inaugural German 500 CART event.

Circuit officials say that the circuit is under no immediate threat of closure, however.

"We believe that all motorsport events will take place this year as scheduled," said spokesman Mark Lenze. "It's too early to say anything about the long-term future at the moment, but we hope to be able to reveal more details in the middle of next week."

The nearby Oschersleben circuit has also found itself in financial difficulties, but has continued to operate as usual.