Hosting F1 events proving a costly businessThis season's German Grand Prix venue, the Nurburgring, has recorded a nearly $22 million loss for the period in 2004 and 2005.
Reports suggested that the alarming figures, released officially on Wednesday, had been blamed
on the high cost of hosting the Formula One race.
Starting in 2007, Nurburgring GmbH will alternate the running of the German Grand Prix with Hockenheim, which also ran into financial trouble during the course of last year.
Reports indicated that exorbitantly high wages might also be an explanation for the Nurburgring's losses, although it is true that Formula One spectator figures have recently been in decline.
Referring to the criticism, circuit boss Walter Kafitz told dpa: "For us this is nothing new. With the exception of Formula One, we are in the black for all of our other activities."
Source GMM
