Greece releases 30 million funding for GP

Monday 01st October 2012, 17:48 by Ryan Wood 

Red Bull Racing, Getty Images

The Greek government has released almost €30 million in funding for the construction of a grand prix circuit capable of hosting Formula 1.

The funding had been blocked due to concerns over the country's economy which is in serious danger of collapse following the global recession which has hit the country hard.

Despite this, the funds were unblocked to help fund a new racing facility in Patras, one of the largest urban areas in Greece, according to the ministry of development.

The planned circuit is expected to cost just under €100 million and is being overseen by private company Racetrack Patras SA.

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