News has surfaced that Hockenheim won’t renew their Formula One contract after their current agreement expires in 2010, without significant government funding.

Facing a loss of €5.3 million from this year’s race the thoughts of race organisers are clear, “Without grants from the state there will be no more Formula One in Hockenheim,” Karl-Josef Schmidt, a track official, told the Der Tagesspiegel newspaper.

As the current agreement stands, the German Grand Prix alternates each year between Nürburgring and Hockenheim. The 2009 German Grand Prix will be heading to the Eifel mountains, but if Hockenheim does cease their F1 involvement, Nürburgring officials have declared their desire to continue with their current arrangement. Walter Kafitz, the boss of the German Formula One circuit at the Nurburgring, said, “We regard a race every two years as a good compromise between the benefits to the region and what it costs us.”

Source: autosport.com & Home of Sport