On-sale Nurburgring race track must have heaved a sigh of relief with Formula One boss Bernie Ecclestone waiving the 14-million-euro entry fee, according to a report on iafrica.com.
Nurburgring GmbH, the company that owns the track, has filed for insolvency and put the track up for sale since May 15. On those grounds, the fee waiver will go a long way in allowing the German Grand Prix on July 7 to go ahead.
"We have been able to get an agreement with Mr. Ecclestone very quickly. The details have not been disclosed," insolvency administrator Pietro Nuvoloni told the German daily Bild. "With his commitment to Nurburgring, Mr. Ecclestone has done German Formula One fans a big favour," added the track's trustee Jens Lieser.
Nurburgring GmbH company has co-hosted the German Grand Prix with Hockenheim, south-west Germany, since 2009.
"I appreciate Nurburgring and its history," Ecclestone said in a statement. "The Grand Prix is always very demanding for the drivers and teams. I'd love for the Nurburgring track to keep hosting the race and continue the Formula One tradition."