Mercedes-Benz, owner of the Mercedes AMG F1 Team, offered to cover half the losses sustained by the organiser of the German Grand Prix in a bid to rescue the event.
The car giant also offered to promote the race, which would have cut the losses by a substantial sum, according to the Observer newspaper.
“The organisation of the race calendar and of individual events is a matter for the FIA, the commercial rights holder and the individual promoters,” a spokesman from Mercedes-Benz told the newspaper.
“In principle, we do not believe it is the job of the competing teams to provide financial support for individual events and we do not believe this is a sustainable model for the future.
“Nevertheless, the German GP is a core race on the F1 calendar and we have a significant interest in this race taking place,” they added.
“Mercedes-Benz has participated in discussions and offered a significant contribution to support a successful German GP, at the Hockenheimring, in 2015.
“This offer was, unfortunately, not accepted,” they confirmed.
The race has now been removed from the calendar after the Nurburgring and the Hockenheimring pulled out of hosting it due to financial concerns and time constraints.
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