+ Reply to Thread
Results 1 to 2 of 2

Thread: Capricorn Group Acquires Nurburgring Circuit

  1. #1
    Administrator ucfbrett's Avatar
    Join Date
    Jan 2009
    Location
    Ventura, Calif.
    Posts
    5,646
    Liked
    2364 times

    Default Capricorn Group Acquires Nurburgring Circuit

    This news is a little old, but it has some details I wasn't aware of.


    The Nurburgring, the German race track known as Green Hell for its challenging Formula One course, was bought by an auto-parts maker two years after the former owner and operator filed for bankruptcy protection.

    The acquisition by Capricorn Group values the 379-hectare (937-acre) property at more than 100 million euros ($139 million), lawyers managing the insolvency of owner Nurburgring GmbH said in a statement. That includes 25 million euros that the Dusseldorf-based buyer will spend to further develop the site.

    The Nurburgring, about a 172-kilometer (107-mile) drive northwest of Frankfurt, was built in 1927 and has hosted at least 30 Formula One races. The site was put up for sale last year after its owners failed to pay loans taken out to build hotels and a roller coaster.

    “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 the statement.

    Capricorn’s acquisition includes the 21-kilometer North Loop and newer 5-kilometer Grand Prix circuit. Last year, Hyundai Motor Co. (005380) built a research center at the Nurburgring with direct access to the tree-lined track, which was dubbed Green Hell by driver Jackie Stewart.

    German auto club ADAC bid for the property, Frankfurter Allgemeine Zeitung reported in November. Formula One Management Ltd. Chief Executive Officer Bernie Ecclestone also submitted an offer, WirtschaftsWoche reported in January.

    The Nurburgring has staged the German Grand Prix every other year since 2008, alternating with the Hockenheimring track.

    Capricorn will continue to hold races and concerts on the site and keep the hotel running, according to the statement.

  2. #2
    Member Deepdish's Avatar
    Join Date
    Oct 2012
    Location
    SoCal
    Posts
    85
    Liked
    11 times

    Default

    I wonder if the 25 million in development will go to the surrounding land with track side homes!
    Time to save for multiple TrackHQ time shares!!

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts