Organisers at the Kymi Ring in Iitti, 70 miles north-east of Helsinki, are working with AKK Motorsport, the Finnish national governing body of motorsport, on the feasibility of the circuit hosting a round of the Formula One World Championship.

The 2.9 mile circuit, which opened last year, is to host a round of the MotoGP championship in 2020, but with an eye on the success Finland has enjoyed in Formula One - Keke Rosberg, Mika Hakkinen and Kimi Raikkonen wining four titles in total - AKK is applying to the Ministry of Education and Culture for funding in order to "to create a realistic road map towards the possible application for hosting a Finnish F1 Grand Prix".

"Not only have Finnish Formula 1 and WRC rally drivers collected more world championship points in recent seasons than drivers from any other country, we also have internationally recognised expertise on hosting modern, reliable, sustainable and, most of all, thrilling motorsport events for fans, partners and athletes," said AKK CEO Tatu Lehmuskallio in a brief statement.

"Finland has an excellent and unique legacy in motorsports," he added. "The study will provide us detailed knowledge on what motor racing competition at the highest level truly demands and that will help us tremendously when staging other racing events, too."

Though the circuit was scheduled to host a round of the MotoGP championship this year, this was postponed until 2020 because the facility wasn't ready, however organisers insist the work is now 80% complete.

Though between them the Nordic nations have produced many successful F1 drivers, only Sweden has hosted a round of the world championship, Anderstorp hosting six Grands Prix between 1973 and 1978.

Hopes of hosting a race in Denmark were dashed last year when the necessary funding could not be secured, officials citing a lack of support from the Copenhagen authorities, where the event was scheduled to take place.