The Nürburgring has officially been sold. But it wasn’t private equity giants HIG Capital and a select group of investors who snatched up the hallowed German ground as was expected recently. Instead, Düsseldorf-based automotive engineering firm Capricorn Group landed the deal – worth approximately 1,6 billion rand.
The last minute bid from the German company included an offer to purchase the troubled facility for 77 million euro (1,2 billion rand), with the promise of investing a further 400 million rand on improving it and the numerous operations that are based there, as well as surrounding hospitality venues.
The events that happen at the including prestigious races like the German Grand Prix (which the Nürburgring shares with the Hockenheimring) and the 24 Hours of Nürburgring, as well as various music events, private manufacturer test days and of course, the open public days – on which you can purchase a ticket to do a lap of the infamous 20,8 km Nordschleife (North Loop).
Capricorn, which has its roots in motorsport, already has a production plant in the immediate vicinity of the ’Ring and plans to develop the area into an Automotive Technology Cluster – creating high-quality jobs in the process.
“As an enthusiastic motorsport 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 turn the vision of an Automotive Technology Cluster into reality,” said Dr Robertino Wild, managing partner of the Capricorn Group.
The company will take full ownership of the ‘Ring on 1 January 2015, and it seems that the legendary circuit is finally in safe hands.