Berlin: Formula One boss Bernie Ecclestone has waived the 14 million euros (US$18m, £11m) entry fee to allow the insolvent company which owns the Nuerburgring race track to host the German Grand Prix on July 7, according to a report on Wednesday.
Nuerburgring, 80kms south of Cologne, has been up for sale since May 15, but with the company owning the track having filed for insolvency, Ecclestone has waived the fee to allow the ninth race of the Formula One season to go ahead.
"We have been able to get an agreement with Mr. Ecclestone very quickly. The details have not been disclosed," insolvency administrator Pietro Nuvoloni told German daily Bild.
Ecclestone still stands to make millions from the race: a Grand Prix in Asia can bring in up to 40 million dollars, but the British Formula One right's owner has earned gratitude from German fans.
"With his commitment to Nuerburgring, Mr. Ecclestone has done German Formula One fans a big favour," said the track's trustee Jens Lieser.
At the end of January, the Nuerburgring GmbH company, which owns the track, announced the race would definitely go ahead, after weeks of doubt, having co-hosted the German Grand Prix with Hockenheim, south-west Germany, since 2009.
"I appreciate Nuerburgring and its history," Ecclestone said in a statement at the time.
"The Grand Prix is always very demanding for the drivers and teams.
"I'd love for the Nuerburgring track to keep hosting the race and continue the Formula One tradition."