End of the road for Danish GP plans?

It appears that hopes of a Danish Grand Prix being staged on the streets of Copenhagen have been terminally dashed by a row over funding.

The proposal has been around for over a year as a way of capitalising on the success and popularity of Haas driver Kevin Magnussen, and had been led by Danish businessman Lars Seier Christensen.

The consortium has devised a 2.79 mile circuit that had received the approval of Formula 1's leading track designer Hermann Tilke. It would have included an iconic corner in front of the Christiansborg parliament, and a 190mph straight over the Knippelsbro bridge.

"The track could be the basis for a fantastic race," Magnussen had previously commented, comparing it to the well-received street circuit in Baku.

The idea of a Danish Grand Prix had been enthusiastically supported by F1 boss Chase Carey. FIA race director Charlie Whiting said it might be possible to introduce the race on the F1 calendar within the next two years

• Whiting believes Danish GP 'can easily be done' by 2020

"From our point of view it is entirely possible that we'll be there," he said earlier this month. "It can easily be done by 2020."

But this week it seems that the plans have come off the rails.

According to Pitpass.com, Denmark's Finance Minister Kristian Jensen has now stated that the plans for a race have been scrapped. He said the decision was due to the lack of support from municipal authorities.

Jensen had previously indicated that the national government could help fund the running of a race in Copenhagen, providing the city also contributed to the costs.

"The government is prepared to put some money into the hosting of Formula 1 in Denmark," Jensen told Politiken in June.

"But we don't think it's reasonable that the city where such a large event is to take place does not also contribute economically.

"We ask all cities to be a part of funding when a major sporting event is in town. So it is also fair for Copenhagen Municipality to do this."

Formula 1 is is continuing to press ahead with plans to hold a street race in Miami, despite opposition from local residents and businesses.

Other venues that are currently developing plans to host Grand Prix races in the future include Argentina, the Netherlands and Vietnam.

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter