A race contract for an inaugural Bulgarian grand prix in 2012 could be signed as soon as next month, according to the head of the south east European country’s motor racing federation.

A proposed race in Bulgaria has been on the table for some time, including when F1 chief executive met with the country’s economy minister at Monza last month.

If talks with a funding consortium reportedly comprised of Arab, US and Canadian companies and the government go well, Ecclestone could travel to capital Sofia to sign the contract between November 15 and December 15, Bogdan Nikolov told the Sofia news agency Novinite.

The report said Bulgaria aims to be unique on the F1 calendar by having an asphalt surface that can be artificially heated.

Nikolov, chairman of the Bulgarian Motorcycling Federation, added that the circuit will bid for both F1 and its two-wheeled equivalent MotoGP.

“We have created a project that meets the requirements of both FIA and (MotoGP governing body) FIM,” he said.

Bulgaria demonstrated it is serious about joining the F1 calendar by sending a senior government minister to the Italian grand prix.

A scandal erupted recently after reports said an Abu Dhabi company was going to fund a formula one track for the southeast European country.

The Abu Dhabi interests reacted angrily, declaring the announcement incorrect and inaccurate and vowing to cancel all its Bulgarian investments.

But according to the Sofia news agency Novinite, Bulgarian economy minister Traicho Traikov was trackside on Saturday at Italy’s Autodromo Nazionale di Monza.

He reportedly met with F1 chief executive Bernie Ecclestone, about Bulgaria hosting a future round of the world championship.

Ecclestone “voiced interest in that idea and committed to visit Bulgaria in the coming weeks to familiarise himself with details of the project”, said the report.

Abu Dhabi has denied reports it is helping Bulgaria join the formula one calendar.

It emerged earlier this week that an economic cooperation agreement has been signed between the Bulgarian economy minister and the Emirates Associated Business Group, a state-owned Abu Dhabi company.

Bulgarian authorities, as well as local agencies and publications, claimed the agreement involves construction of a formula one circuit at the former air base at Dobroslavtsi, 15 kilometres from the capital Sofia.

The agreement would reportedly see Abu Dhabi pay for construction of the circuit, with the land provided by Bulgaria.

But according to the Bulgarian daily Sega, Abu Dhabi has denied the reports.

A statement also said the Emirates Associated Business Group was so disappointed with the incorrect information that it will cancel its Bulgarian investments altogether.

Sega quoted the company’s chief executive Raid Abu Hudra as saying the officials had acted so unprofessionally that he would advise others against investing in Bulgaria.

He said a mediator from the Bulgarian prime minister’s office had invited Abu Dhabi to invest in an F1 track but “We told him we would not be interested”.

Spa-Francorchamps fell more than 10,000 tickets short of its spectator target for the recent Belgian grand prix.

Only 52,500 spectators attended last Sunday’s race, after the organisers had targeted the figure of 65,000 in order to “achieve a balanced financial position”.

Crowds well above 100,000 were regularly recorded early last decade.

According to the AFP news agency in a French language report, the organisers are concerned about seeing the event’s local government funding reduced when the current contract expires in 2012.

“It is necessary to reduce the impact of this event on the finances of the Walloon region,” admitted local economy minister Jean-Claude Marcourt.

Added budget minister Andre Antoine: “It doesn’t mean we intend to end the contract. But at the time of negotiation, it (the finances) will be borne in mind.”

It was reported in August that Spa is under threat from potential rival hosts who can offer much higher annual promotional fees to formula one.

One solution known to be under consideration for Spa-Francorchamps is an annual race-alternating scheme with another European circuit.

“We are playing with the idea. That is the current situation, even if we are not quite at that stage,” Spa president Etienne Davignon told hln.be.

The actual financial figures for the 2010 event will only be known in October, and Spa official Andre Maes is not jumping to any conclusions.

“Obviously the horrible weather all weekend was little incentive for people to come,” he said.