When Germany’s storied Nürburgring circuit declared bankruptcy last July, the fate of the German Grand Prix at the track seemed anything but certain. With the start of the 2013 Formula 1 season just six weeks away, BBC Sport is reporting that a deal to host the race has been struck between the Nürburgring’s operators and Bernie Ecclestone.

The German Grand Prix alternates tracks, with both the Hockenheim circuit and the Nürburgring Grand Prix circuit (which differs from the infamous Nürburgring Nordschleife) playing host to the event. In 2012, the German Grand Prix was held at Hockenheim, which meant it was to be run at the Nürburgring in 2013.

When that seemed uncertain, Hockenheim offered to host this year’s race, prompting ire from the AvD (Automobile Club of Germany), who partially own the Nürburgring. As late as Wednesday, the AvD was insistent that the race could not be transferred to Hockenheim in 2013, prompting concern that it would be cancelled altogether.

Following the agreement, Ecclestone admitted his fondness for the track. “I treasure the Nurburgring and its history,” the Formula 1 czar said, “In view of its long tradition, I was glad to support choosing the Nürburgring as the venue for F1.”

Bernie’s joy was undoubtedly enhanced with cash, but we’re for anything that helps to preserve the Nürburgring or draw attention to the track’s financial plight. This year’s German Grand Prix is scheduled to take place on Sunday, July 7.