Nürburgring Race Track has Sold to German Supplier for $140 Million Dollars

Nürburgring Race Track has Sold to German Supplier for $140 Million Dollars

This ad is marked as Sold

Description:


SCROLL DOWN BELOW THE PICTURES TO FIND THE VIDEO OF 1970's VINTAGE CARS RACING ON THE TRACK AND CRASHING .. Warning!! It can be unsettling
____________________________________________
04/05/2014 Update: SOLD .. Nürburgring has been sold to a German automotive and racing supplier called Capricorn.

Capricorn, which is rooted in racing technology and maintains extensive testing facilities at the ’Ring, received the final nod in a bidding war that pitted it against the Miami-based investor HIG Capital. The exact details are unknown, but the “transaction volume” is communicated to be around €100 million (roughly $140 million at today’s exchange rates), of which €25 million ($35 million) will be set aside for improvements. As of last week, it was thought that HIG Capital’s bid would be enough to secure the circuit, but it seems Capricorn came in with a winning offer at the 11th hour.


Historical Information on what led to the sale of Nürburgring

Despite its worldwide renown for motorsports, automaker testing and fairly frequent amateur day crashes, the Nürburgring has been in dire financial straits for years.

One of the world's oldest and most dangerous race courses, the 'Ring was built in 1927 and used for Formula One until a new adjacent circuit was created for that purpose in the 1980s. The Nordschleife remained in use for other races as well as track days and testing with lap times around it becoming the source of considerable bragging rights in the world of cars.

But the 'Ring had suffered from financial difficulties for nearly a decade, causing the debt-riddled circuit to go into bankruptcy in 2012.

When one of the most historic automobile tracks in the world filed for bankruptcy protection earlier this year, there was cause for concern. Who would buy the historic Nürburgring racetrack? What would the potential buyers do with the track and what would the ramifications of the sale be on the automotive community and the auto enthusiast community?

The listing on CarProperty.com had the legendary race circuit listed at a price of $161 million.

The entire Nürburgring facility was for sale including the Nordschleife racetrack, Grand Prix track, amusement park and hotel. Business analysts estimate the value of the whole Nürburgring to be worth around $157 million. However, some are concerned that the Nürburgring will be sold off as a complete package or sold piece-by-piece.
That could leave enthusiasts out if the hugely popular tourists drives, where anyone with any car can turn up and run the fabulous Nordschleife track, are deemed not part of the future financial plans.

The German track also remains a mecca for automakers that test and develop high-performance cars on the Nordschleife. Some have even suggested that a group of manufacturers may get together to buy parts of the track.

• The circuit filed for bankruptcy last summer, with quoted debts of more than 350 million Euros (more than $450 million).

• A big and ambitious leisure park (dubbed NuroDisney) was built within the 'Ring complex between 2007-'09 as a new business venture, yet this has never brought in the visitor numbers or revenues expected.

---------------------------

NÜRBURGRING, Germany — It's one of the most revered — and feared — tracks in the world.

That's because this famous track, dubbed "the Green Hell" has proved difficult for even the most experienced race car drivers. The Nurburging's star feature remains the Nordschleife, the celebrated 12.9-mile track that winds sinuously through the Eifel mountains and which hosted the German F1 Grand Prix up until 1976.

A big and ambitious leisure park was built adjacent to the track between 2007-'09. This has been a commercial failure from day one, attracting too few visitors to the remote Eifel area to offset the huge building costs. Nurburging GmbH, which controls the whole complex filed for bankruptcy last July and the fate of the circuit has been in flux ever since.

The German track also remains a mecca for automakers that test and develop high-performance cars on the Nordschleife. Some have even suggested that a group of manufacturers may get together to buy parts of the track.

Members profile:


Advertised by: Rare Realty Celebrity Division (click here to see full profile)
Average score 10 after 2 votesAverage score 10 after 2 votesAverage score 10 after 2 votesAverage score 10 after 2 votesAverage score 10 after 2 votes Grade Rare Realty Celebrity Division
Email: Email Advertiser

Ad Details


Parking Spaces Outside 10,000
Property is Not for Sale (for Display only)
Garage Spaces (put 0 if this does not apply) 1000.00
Price Information: SOLD for $140 Million Dollars
Price $161,000,000 USD
Which Celebrity? Nürburgring
Celebrity Owned: Yes
Type of Race Tracks Road Course, Go Kart Track
Type of space Other, Trucking or Warehouse Space, Retail Space (inside or outside the track), Racing Team/Company Operations Facilities, Office Space, Manufacturing Facilities, Land or Lots (undeveloped), Garage Storage Space, Auto Restoration Facilities
Business Name Nürburgring

Website or Social Network Links:


Website http://www.nuerburgring.de/en.html

Location


Address Nürburgring Boulevard 1
Suite Nürburgring Betriebsgesellschaft mbH
City Nürburg
State Rhineland-Palatinate
Postal Code 53520
Country Germany
Ad id: 20142653
Ad views:8666
Current rating Average score 10 after 1 votesAverage score 10 after 1 votesAverage score 10 after 1 votesAverage score 10 after 1 votesAverage score 10 after 1 votes Grade

Comments


#310 by SoCal, Rare Realty
   01/28/2015
This race track has had too many ownership financial problems of the last few years. Let's hope the new owners are dedicated to fixing this racing icon that everybody loves.

Do you have any comments? Do you have any comments? You may add it after you login.
2653_unsettling german crash video from the 1970s.wmv