The Bulgarian Formula 1 Grand Prix is closer than ever to becoming a reality, organizers said on Saturday.
Hopeful event managers met with Formula 1 commercial boss Bernie Ecclestone in Germany to continue with the talks about a possible 10-year deal, and they are confident the agreement will be signed soon.
"We're really satisfied with the course of the negotiations with Bernie Ecclestone," organizing committee boss Rumen Petkov told the Reuters news agency. "We've never been closer to achieving our goal. We fulfilled nearly all talks and now we're expecting Ecclestone to visit Bulgaria in the coming weeks.
"It's very possible to sign the contract during Ecclestone's visit, but let's wait and see."
Petkov said the circuit, which was originally going to be built in the town of Pleven, would instead be close to some of Bulgaria's most popular cities.
"It'll be near the one of the three biggest cities in Bulgaria -- the capital city of Sofia, Varna or Burgas," he said. "It's because they offer the best accommodation facilities while one of our biggest aims is to prolong the tourist season.
"Hosting such a big event will give the Bulgarians something to cheer about at the time when the world is hit hard by the economic downturn. It'll give us much more self-confidence."