Troubled Nurburgring race track finds buyer

Rex

The legendary Nurburgring race track in Germany is set to be bought out by a consortium led by private investment group HIG capital, it emerged on Friday.

The circuit has been burdened with enormous debts, went into administration in 2012, and has been looking for a new owner since last spring.

HIG’s move will hopefully allay fears of car enthusiasts around the world, who visit the historic 13-mile track in droves to test the limits of both their car’s handling and their own skill. There had been fears that the 87-year-old facility could be closed down altogether.

Located in the scenic Eifel mountains, the Nurburgring is also an important testing ground for the global motor industry, with the likes of Jaguar, Aston Martin, Porsche and BMW all fine-tuning their performance cars on the twisty, hilly circuit.

According to German weekly paper Wirtschaftswoch, HIG Capital have paid around £58 million for the facility. Part of the assets already acquired include the 3.16-mile Grand Prix track (which is separate to the older, longer Nordschleife circuit) and a relatively new trackside amusement park. The latter includes a rollercoaster that has never been run, and whose huge development costs have been partially blamed for causing the Nurburgring’s recent financial woes.

It is yet to be seen whether or not the new ownership of the circuit will mean it can continue as part of the F1 World Championship calendar. Currently, the track alternates with Hockenheim as the host venue for the German Grand Prix, but F1 boss Bernie Ecclestone had also submitted an offer for the circuit.

Bernie Ecclestone’s failure to acquire the circuit could mean that the German Grand Prix will move to being held at Hockenheim every year. HIG’s move also quashes rumours that one of Germany’s car manufacturers would take control of the financial running of the Nurburgring.

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By Matt Rigby, Content editor, MSN Cars