After months of uncertainty about the race, the FIA confirmed last week that Germany would not have a Formula One race for the first time since 1960.

Hockenheim offered to host the race after the Nurburgring, which was scheduled to host it this year, failed to reach a deal amid financial struggles.

Hockenheim eventually ruled out the race, but Seiler says the conditions for the contract were simply too risky for the German venue.

"Someone had to be willing to bear the financial risk. As a medium-sized company, we could not," Seiler was quoted as saying by Germany's Sport Bild.

"The decision as to the grand prix taking place this year was not our responsibility.

"We offered ourselves as the replacement, but obviously not with any financial risk to ourselves.

"As a company we cannot be gambling."