Nürburgring circuit buyer confirmed

Nürburgring circuit buyer confirmed

The Nürburgring circuit in Germany has been officially sold to the Capricorn Group following a long search for a new owner.0749LW1DX9335

The company, which is a Dusseldorf-based automotive supplier, beat out rival bids from investment firm H.I.G Capital and, at one point, F1 boss Bernie Ecclestone.

The administrator behind the sale, Nurburgring GmbH, didn’t disclose an official figure but it is thought that Capricorn have paid more than £80 million (€100m) for the facility.

The purchase includes the 3.2 mile FIA Grade 1 track that last held a Formula 1 race in 2013, the full 12.9 mile Nordschleife circuit, an amusement park and its surrounding hotels.

Capricorn plans to invest €25 million (£20.8 million) into the circuit to carry out development work and turn the facility into a centre of technology for the automotive industry.

The firm will officially take ownership of the circuit on January 1st 2015. It has not yet been confirmed if Capricorn plans to retain the German Grand Prix.

Under the latest hosting agreement, the Nürburgring currently alternates with Hockenheim – which is the venue for this year’s race.

Image courtesy of Octane Photographic

Jack Leslie

Jack Leslie

Jack Leslie is a freelance motorsport and Formula 1 journalist. He has been part of the Richland F1 team since the very start and made his F1 paddock debut for the website at the 2014 Austrian Grand Prix. Jack also writes for Car Throttle, RumbleStripNews, Formula1Blog, PureF1 and F1 Plus, as well as running a popular blog.