Figures released this week have shown that between 2004 and 2005, the German Grand Prix Venue the Nurburgring has recorded a loss of nearly $22 million. It has been suggested that most of the loss is due to the high costs of hosting Formula 1 races. Blame has been thrown onto the extremely high wages that some have received, although part must be due to waning Formula 1 spectators attending the circuit.
Starting in 2007, the Nurburgring will no longer be an annual race – instead, it will alternate the hosting of the German Grand Prix with Hockeheim which has also been in financial trouble.
However circuit boss Walter Kafitz dismissed the criticism. “For us this is nothing new,” he said. “With the exception of Formula 1, we are in the black for all of our activities.”