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The Nurburgring's hopes of holding the German Grand Prix next year have been boosted following local government intervention to help the financially beleaguered circuit.

Following weeks of uncertainty about the fate of the famous track, which was facing bankruptcy on the back of a failed revamp project, it has now secured the finances it needed to move forward.

The Rhineland-Palatinate's state legislature has approved 254 million Euro to help guarantee a 330 million Euro loan that was handed to it for the circuit improvements.

Although the track is not yet totally in the clear, the local government intervention should give it the breathing space to sort out its financial situation.

Nurburgring track boss Jorg Linder was quoted as saying by the Frankfurter Allgemeine Zeitung newspaper: "I am very optimistic that Formula 1 will be going to the Nurburgring next year."

F1 supremo Bernie Ecclestone warned last week that if the Nurburgring's troubles were not sorted out then he would move the German GP to Hockenheim in 2013 - but he did want to try and help the venue out.

"We are talking to them, so will see," he told AUTOSPORT. "I wouldn't want either of them to go bust. We need to keep the German race - so we have to do the best we can."

* Read more about how the Nurburgring got into financial trouble here.