Hockenheim wins F1 contract through 2018 - tickets for 2010 go on sale Oct 2009
Formula 1 remains at the "Hockenheimring Baden-Württemberg" until 2018
Late into the evening at the Great Council of Hockenheim on 29th September the Formula One Association (FOA), the mayor of the town of Hockenheim and the management of Hockenheim-Ring GmbH finalised a contract that ensures the Formula 1 race at the Hockenheim-ring Baden-Württemberg will be held bi-annually from 2010 to 2018.
Under the previous contract a deficit of at least € 6 million for the race in 2010 was expected. "The new contract not only ensures the continuation of the now nearly 4-decade-long tradition of Formula 1 on the "Hockenheimring Baden-Württemberg" for yet another decade, but it also includes a financial agreement where the FOA and Hockenheim-Ring GmbH jointly participate in the entrepreneurial opportunities and risks of the event", agreed mayor Dieter Gummer, CEO Georg Seiler and Dr. Karl-Josef Schmidt. "As representatives of the town of Hockenheim, it was important to find out the shortfall of at least € 6 million from our budget - we could not simply go on funding it' mayor Dieter Gummer added. Managing Director, Dr. Karl-Josef Schmidt has now booked the anticipated losses. "We can accept most educated anticipated losses, but we must resolve that for the Races in 2010 that this situation does not continue. This of course has a significant impact on our balance sheet."
With the twin-track decision of the municipal council of 23 June 2009 (where Hockenheim alternates with another circuit - either Nurburgring or Spa) The council had sought to phase out the existing contract, but asked the Mayor and the Board to negotiate further on possible alternatives to keep the Formula 1 at the "Hockenheimring Baden-Württemberg". Thus the condition was included in the contract to absolve the Hockenheim-Ring GmbH, and the town of Hockenheim of financial risks. The negotiated outcome is consistent with this decision.
The outcome has been achieved in numerous phone calls and only 6 negotiating sessions in the office of the FOA in London in the last 9 months. A representative of Bernie Ecclestone confirmed that he appreciates the long-standing cooperation with the Hockenheim-Ring GmbH and its unique situation and their hosting of the Formula 1 is a personal concern.
For the city of Hockenheim and the Hockenheim-Ring GmbH was important to achieve an economically neutral outcome. "We will now proceed with all our strength with preparation and implementation, and hope that the exciting 2010 season is successful for German teams and German drivers, and that many F1 fans will contribute to a successful Grand Prix at the Hockenheim-Ring on 25 July 2010. The presale (of tickets) will begin in October 2009" said CEO Georg Seiler. "With this decision of the municipal council, the town of Hockenheim as part of the metropolitan region will continue to reap positive economic effects for the region and the state of Baden-Wuerttemberg". |
