Jul.27 (GMM) Bernie Ecclestone has proposed to ink a new contract with the Nurburgring with terms equal to those of Hungary's formula one race.

The new politically-sensitive coalition government has announced it no longer intends to offer funding for the Nurburgring's grand prix, which alternates annually on the F1 schedule with the other German venue Hockenheim.

Talks about a new contract began at the German grand prix last weekend, and DPA news agency reports that Bernie Ecclestone has offered to lower the sanctioning fee.

The report said Ecclestone is willing to offer a contract identical to that possessed by organisers of this weekend's race at the Hungaroring.

"The contract in Hungary is definitely cheaper," a spokeswoman for Nurburgring GmbH confirmed.

It is believed the Nurburgring's current contract involves a EUR 20 million per race sanctioning fee, and that the race last weekend recorded a loss of 13.5 million.

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