It's official and aren't we glad that it's out in open. Yes, the famed Nurburgring has been sold. German automotive firm Capricorn Group bid for the track at a figure totalling over 100 million euros, and has promised a further 25 million euros of investment in the current infrastructure.
The 'Green Hell', so it's called for its challenging F1 circuit, had been up for sale ever since last year after its owners failed to pay loans taken out to build hotels and a rollercoaster. There was a huge response when the bidding procedure started and in fact, F1 boss Bernie Ecclestone could not help himself and bid 50 million for the track only to be outdone by a Dusseldorf-based partsmaker.
The German bid beat the HIG Europe Group's efforts with only minutes to spare. Capricorn is all set to launch a new company called Capricorn Nurburgring to handle this new business, and operations are planned to begin only in 2015. As with every takeover, there are going to be some changes incorporated like the rollercoaster will be relocated to another town in the region and the maligned ring card payment system will be scrapped. Capricorn's acquisition also includes the 21km North Loop and the newer 5km Grand Prix circuit.
HIG, an investment group based in Miami, was the frontrunner to win the bidding process but the Capricorn Group beat them to it. The Nurburgring is Germany's most famous race circuit, and was built in 1927. It has graciously played host to at least 30 Formula One races and has made racers out of drivers. We're just glad it's in good hands.
