Hockenheim would appear to have staged its last Formula One grand prix due to spiralling losses.

The city, which staged its first F1 race in 1970, suffered a £5.1million loss in hosting last season's German Grand Prix, and is no longer prepared to run the event.

The decision was taken following a stakeholders' meeting last night after which city mayor Dieter Gummer confirmed: "We will not be the promoters any more."

Gummer, however, is open to welcoming outside investment, whilst he confirmed talks have taken place with F1 supremo Bernie Ecclestone with regard to finding a solution.

As the German Grand Prix now alternates between Hockenheim and the Nurburging - the latter due to play host in just over a fortnight's time - there is a possibility there will be no race in Germany for 2010.