The very famous German racetrack, the Nurburgring – dubbed by Formula 1 pilot Jackie Stewart the Green Hell – has been sold to German auto supplier Capricorn Group.
Nurburgring GmbH, the former owner had been in insolvency, with the racetrack and surrounding property up for auction for quite some time. While famous Formula One Management CEO Bernie Ecclestone reportedly placed a bid and the ADAC German auto club also reportedly offered around 100 million euros, the transaction was made by Dusseldorf-based Capricorn Group.
“The creditor committee had two very good offers and in the end decided on the offer with the highest price and good prospects for the region,” insolvency lawyer Jens Lieser said in a statement.
Capricorn took over a racetrack with a huge pedigree, which was built in 1927 and was the host to more than 30 Formula 1 races, and now includes two circuits – the 21 km (13 miles) Nordschleife loop and the newer 5 km Grand Prix track. The property has an area of 379-hectare (937-acre) and was sold for a bid north of 100 million euros, which includes a 25 million-development bid.
Via Automotive News Europe
by Aurel Niculescu
) - Thursday, March 13th, 2014 - filed under Industry
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