Having confirmed a deal to host a MotoGP event from 2012 onwards, race organisers in Bulgaria have now revealed that all plans must be postponed due to financial problems. The current contract would have seen the race staged at a new venue for five seasons, although chances for MotoGP and F1 in the country now look slim.

With the Dolna Mitropoliya town in the north of the country having been announced in February as the site for the MotoGP race, Bogdan Nikolov of the Bulgarian Motorcycling Federation (BMF) has now revealed that such a happening is unlikely.

“At the end of what was possibly our most successful season ever, we have to suspend all activities and shut down the federation,” he told newspaper The Sofia Echo. “This federation cannot be sustained by the personal loans that I myself provide. I have to pay off debts and loans from banks and even sold some of my own personal property to keep operations going.”

F1 commercial rights holder Ecclestone hadn’t yet reached any agreements with the country

With Nikolov pointing the finger at a lack of support from the government, Sports Minister Svilen Neikov summed up the situation. “The only state participation in the potential construction of a racing track for MotoGP and/or Formula One in Bulgaria will be through providing the land for construction,” Neikov explained to daily Dnevnik. “The state will only help with the plot. It is then up to Bernie Ecclestone (Formula One commercial rights holder) to find a company that will sponsor the construction and manage the site with 50 percent of the earnings.”

“We have a comprehensive plan, which will be presented to Minister Neikov,” Nikolov added. “Everything in that plan is calculated to the penny. He has to decide if we are to receive any funds for next year.”