May 9 (GMM) Bernie Ecclestone has indicated he would be happy for formula one to return to Austria.

Red Bull mogul Dietrich Mateschitz has rebuilt the A1-Ring - now known as the Red Bull Ring - at Zeltweg and Michael Schumacher said in Turkey he sees "no reason" why the Austrian grand prix should not return to the venue.

Billionaire Mateschitz himself rates the chances of a F1 contract at "more than minor", but the new circuit has received formula one-standard homologation.

The new circuit, with essentially the same layout as hosted the last grand prix there in 2003, is set to re-open this week and F1 chief executive Ecclestone - the architect of the annual race calendar - said it is good news.

"It is good that the circuit is ready to go again," the 80-year-old Briton is quoted by APA news agency.

"We have always gone down there very happily. We have always loved Austria," added Ecclestone.

As for whether formula one will return to the country, he answered: "Everything is possible."

Ferrari team boss Stefano Domenicali at the weekend said one of the changes F1 teams want for the next Concorde Agreement is "the return of some European circuits".

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