Bulgaria close to secured F1 Grand Prix

Bulgarian officials are close to reaching an agreement with Formula One for a Grand Prix in the south-eastern European republic.

Conducting the talks with F1 authorities is the Bulgarian Motorcycle Federation (BMF), with its chief Bogdan Nikolov telling the Dnevnik daily newspaper "we expect to have a result by next week."

The BMF said it has already secured the funds to build a track to host the MotoGP championship in 2011.

"Once we sign the contract for hosting an F1 event, we can build a second track," Nikolov said.

Bulgaria's other motor racing body, the Bulgarian Motor Sport Federation (BFAS), was involved with the F1 negotiations until six months ago, its President Georgi Yankoulov revealed.

"I cannot imagine that the FIA will take any commitment before the ground-breaking ceremony for the track," he said.

"I am not against the idea but I have moderate expectations about it. The task is too complicated and difficult especially in the current situation of an economic crisis with sponsors backing down."