The owner of the Nuerburgring race track in Nuerburg, Germany, is about to file for insolvency.
Nuerburgring GmbH, which is 90% owned by the state of Rhineland-Palatinate, ran into financial trouble amid a dispute with the track's operator over leasing fees.
Rhineland-Palatinate wants to restructure the company with the help of a bridge financing package.
However, it says the European Commission is taking too long to approve the rescue deal and has indicated that it may not reach a positive decision before 30 July.
Nuerburgring hosts the German Grand Prix every two years, alternating with Hockenheim, and is due to stage the race next year.
Rhineland-Palatinate said earlier this year it was cancelling its leasing contract with Nuerburgring Automotive GmbH (NAG), which operates the track, because of a dispute over leasing fees.
But NAG said on Wednesday it agreed on a concept last week with Formula One chief Bernie Ecclestone over a deal to host the 2013 Grand Prix.
The track is also used by BMW and Toyota to test their cars.