The Nürburgring has been sold. But not to the American investment firm HIG Capital as first thought, but rather the German-based capricorn group.
With a background in motorsport it appears fans can rest easy that the Nürburgring is in capable and willing hands.
“The buyer will take over and continue to run the business operations of the Nürburgring, with its numerous motor races, music events, tourist and test drives as well as the hotels and holiday facilities,” an official press statement reads.
“The business strategy of the bidder is that the capricorn GROUP will develop and expand the Nürburgring into an Automotive Technology Cluster. This new approach goes well beyond pure motor sport and offers the prospect of further jobs in the region.”
The purchase price for the Ring was in excess of €100 million and capricorn promises to spend up to €25 million on development, which includes the Autmotive Technology Cluster. That’s to say not all of the money assigned for development will be focused on track operations.
Other plans include the dismantling and relocation of the failed ring°racer rollercoaster. Similarly, the controversial ring°card payment system will be scrapped.
Jens Lieser, who helped to oversee the sale explained: “We had two excellent offers that were presented to the creditors’ committee. Finally they opted for the offer that delivered the highest purchase price and good prospects for the region.”
Adam Osieka, a local businessman and active racer at the Ring, who will take on the role of Managing Director under the new ownership regime, said it was key to ensure the people of the Eifel region had a positive future.
“Responsibility for local people and safeguarding the interests of the region are key to sustainable success,” he said. “They are the foundation for the new economic prospects of the Nürburgring. If the Nürburgring does well, then the people in the region also do well.”
Meyrick Cox an English businessman and racer, who was involved in the HIG Capital submission says he hopes capricorn will do well.
“Of course we are disappointed,” said Cox. “We have great experience in this sector, and our consortium runs three circuits already (including the Circuit of the Americas), and has excellent experience with the F1 and music businesses. We hope that the winning bid can do as much good for the Nürburgring as we had planned.”
All 2014 race events and public access days are scheduled to go ahead as planned. Capricorn Nürburgring GmbH will officially takeover on 1 January 2015.
[Source: Bridge to Gantry]