Bankrupt Nürburgring Track sold to Capricorn

AutoInformed.com

A fabled racetrack rescued from oblivion with the promise of more jobs.

After almost two years of shopping – and presumably haggling – all assets of the historic but bankrupt Nürburgring racetrack and entertainment complex have been sold. The winning bidder is newly established Capricorn Nürburgring GmbH, a subsidiary of Capricorn Group, a business active in motor sports and one that also supplies materials and technologies to automotive and aviation manufacturers.

As these things go, it appears a sound resolution by German bankruptcy court officials who put forth a bidding process and ultimately approved the deal.

The €100 million buyout of assets, it is promised, will see the current operations – racing, test drives, music events and a resort hotel – continued.

Capricorn also promises it will develop and expand the Nürburgring into an Automotive Technology Center, investing €25 million. The company opened a production plant near the Nürburgring in 2002, since then it has been continually expanded. The buyer will take over the assets of Nürburgring GmbH on 1 January 2015, which means that Nürburgring Betriebsgesellschaft mbH will continue to run business operations in the current 2014 season. It has a right of withdrawal if the European Commission takes legal action against it for possible recovery of German taxpayer subsidies to the bankrupt operation.

“As an enthusiastic motor sport fan, the Nürburgring has always been a passion of mine. We have identified the enormous potential of this unique race venue and would like to optimize the existing structures, but above all tum the vision of an Automotive Technology Cluster into reality,” said Robertino Wild, managing partner of the Capricorn Group.

About Ken Zino

Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
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