Jul.19 (GMM) Bernie Ecclestone has vowed to do what he can to keep the Nurburgring on the F1 calendar.

Bernie Ecclestone, CEO Formula One Group, with Stefano Domenicali, Ferrari General Director
Bernie Ecclestone, CEO Formula One Group, with Stefano Domenicali, Ferrari General Director

Photo by: xpb.cc

The famous circuit has commenced an insolvency process, raising the danger that from now on the German Grand Prix will be held only once every two years at Hockenheim.

But German reports on Wednesday said F1's chief executive has offered to waive his usual race sanctioning fee for the Nurburgring in 2013, and in return "bear all costs but also claim all revenues".

A spokesman for the Nurburgring confirmed the accuracy of those reports.

And the Rhein Zeitung newspaper quoted a circuit official as warning that there is only "a small tine window" for authorities to approve the deal.

German reports said circuit officials Kai Richter and Jorg Lindner negotiated the deal with Ecclestone in London last Thursday.

"We will do everything that is commercially feasible to keep it (the German Grand Prix on the calendar) -- hopefully in Hockenheim and the Nurburgring," 81-year-old Ecclestone is quoted by Auto Bild.

But the Briton also acknowledged the risk that the Nurburgring will drop off the calendar.

"If it's not possible, we will talk to Hockenheim to see if they can do it," said Ecclestone.