Feb.7 (GMM) The proposed redevelopment of Austria's defunct formula one circuit, formerly known as the A1-Ring, has again been scrapped.
Red Bull mogul Dietrich Mateschitz's original $800m project at Spielberg had to be axed, but new plans were subsequently devised to redevelop the circuit after the grandstands and pit buildings were demolished following the last grand prix in 2003.But after a meeting with potential investors including site owner Red Bull, the Styrian governor Franz Voves announced that the project was not economically feasible, according to the Austrian newspaper Wiener Zeitung.A follow-up project on a smaller scale is still possible, however, according to Styrian economic councillor Christian Buchmann, and Red Bull has reportedly offered to restore the circuit to its original condition.Originally known as the Osterreichring, the circuit was built in the late 1960s and updated in 1997 to host seven more grands prix until 2003.
