Bulgarian Motorcycling Federation (BMF) was in serious negotiations about getting to host a round of the Formula One championship, BMF's head Bogdan Nikolov said on March 19, as quoted by Dnevnik daily.

"We expect to have a result by next week," he said. Based on the outcome of the negotiations, Bulgaria could build a second racing track suitable for major international sport events.

BMF already said it has secured all the financing it needed for building a track that will host a round of MotoGP motorcycle world championship in 2011.

"Once we sign the contract for hosting an F1 event, we can build a second track," Nikolov said.

The signing of the contract will also determine where the MotoGP track would be build as the BMF is still to decide on its location. Decision will have to be taken by April 10 2009 so that construction works can start. The track has to be ready by January 31 2011.

Georgi Yankoulov, president of the country's other motorsport body the Bulgarian Motorsport Federation told Dnevnik that he was not aware of the stage negotiations for hosting an F1 round have reached.

"I know about these negotiations and until half-a-year ago I was part of them, but since then I haven't received any official information from FIA. However I can not imagine that FIA will take any commitment before the ground breaking ceremony for the track," he said.

"I am not against the idea but I have moderate expectations about it. The task is too complicated and difficult especially in the current situation of an economic crisis with sponsors are backing down.

"Formula One is not just about building a track. You need the proper infrastructure for it such as hotels, airport, good roads and service. The Black Sea town of Varna seems the most appropriate choice should Bulgaria gets to hos F1," he said.