The new majority owners of the Hockenheim circuit are proceeding with "great caution" in their efforts to resurrect the German Grand Prix.
In April, Emodrom, an investment consortium, disclosed that "five medium-sized companies" had acquired the lion's share of the iconic Formula 1 track for EUR 5.5 million, taking on approximately 20 million euros in debt in the process.
According to Die Welt, the local council has now officially approved the acquisition.
"Of course we are also thinking about Formula 1," remarked Tim Brauer, Managing Director of Emodrom Group.
"We will not embark on any financial adventures, but we will also try to find models for how we can bring Formula 1 back to Germany," he further stated.
The Hockenheim circuit last hosted a grand prix in 2019, and since then, F1 CEO Stefano Domenicali has expressed repeated interest in the series' return to the venue.
"We have never broken off contact and talks with Formula 1," stated Jorn Teske, the head of Hockenheim, "but we are taking things slowly and seriously. We have to make sure that we do not run a deficit."
"That is why we are initially concentrating on other projects. We are thinking in cycles of 20 to 25 years - not on the short term."
However, enticing Domenicali and the F1 owner, Liberty Media, back to Hockenheim would likely necessitate substantial investments to significantly modify the facility.
"I have already been in contact with the new investors," revealed Hermann Tilke, the renowned Formula 1 circuit designer. "It would be great if we could hold a Formula 1 race there again in Germany."
"But Formula 1 today requires additional criteria, not just a decent race track. Instead of 2,000, you now need at least 4,000 to 5,000 VIP seats, fan zones, space for concerts, tents, kitchens, and so on."
Tilke noted that constructing a new pit building alone might cost the venue about 50 million euros.
"There would be enough space for it," he clarified, "and the track itself is absolutely suitable for Formula 1."
