Fri, Mar 10, 2006 - Page 22 News List

Hockenheim drowning in debt as F1 losses multiply

AP , STUTTGART, GERMANY

The city of Hockenheim may pull out of the German Grand Prix in 2008 because the Formula One race is losing money.

Mayor Dieter Gummer told the German daily Stuttgarter Zeitung in an interview released on Tuesday that the Hockenheim race track -- which the city owns -- is 29 million euros (US$35 million) in debt.

"Formula One is our money loser -- we can't make it up," Gummer said.

Gummer said the city will pull out of Formula One if the financial losses can't be reversed. Ticket sales for this year' German Grand Prix on July 30 are reportedly down by 40 percent.

Gummer said bankruptcy of the track would push the city to the edge of its "ability to function."

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