The financially troubled Nuerburgring will host a grand prix as planned this summer after striking a deal with Formula One boss Bernie Ecclestone.

A Nuerburgring operating company statement says "the long period of uncertainty over the site of the pinnacle of motorsport in Germany is ended."

Hockenheim hosts the German Grand Prix every other year and had indicated its availability to host the July 7 race if a deal could not be struck with the Nuerburgring.

Still not clear is whether it would be called the German Grand Prix or European Grand Prix.

Nuerburgring GmbH insolvency administrator Thomas B. Schmidt thanked Ecclestone and said "with his commitment to the legendary racetrack, he delivers a significant and valuable contribution to the Nuerburgring."

The Nuerburgring filed for insolvency last July.