They didn’t manage to impose their will after the Second World War, but maybe the global capitalism move aids them in securing a prized piece of German automotive history. The Russians have taken over the Nuerburgring.
According to the circuit’s administrator, the financially troubled Nuerburgring race track in Germany has become the possession of Russian investor Viktor Kharitonin after he purchased a majority stake in the enterprise.
According to a statement from the administrator, race car supplier Capricorn Group has sold its two-thirds stake in the track to Kharitonin’s holding company. The rest of the shares belong to a management consultant, who owns GetSpeed GmbH. Both Kharitonin’s holding and GetSpeed have already paid 15 million euros and they need to come up with the rest of the money – up to the full purchase price of 77 million euros ($97.1 million) during the coming years.
Back in March, GetSpeed and Capricorn secured a takeover bid for the troubled circuit, agreeing to buy it for at least 100 million euros (that includes the track’s outstanding debt), but the latter had trouble financing its part of the deal. Kharitonin is in control of Russian pharmaceutical company Pharmstandard, a firm valued at more than $1.08 billion.