Nurburgring files for bankruptcy

[330CIZHP]

Legendary Nurburgring is filing for bankruptcy. This is very very sad

The Mecca for many car enthusiasts, Germany’s Nürburgring, is apparently in dire financial straits. German newspaper Rhein-Zeitung reports the famed motorsports complex is bankrupt, and that the European Union (EU) may deny the track rescue aid.




The report says the ‘Ring needs around 13 million euros (roughly $16 million U.S.) to continue operating in its current state. The track’s owners must also pay back interest on the 330-million-euro loan previously granted by the state-owned bank ISB. The legality of additional loans totaling 524 million euros (around $643 million) has yet to be determined by European courts. The EU must deliberate on the matter before it can decide on rescue aid.

Meanwhile, the track’s shareholders will begin the bankruptcy process. A shareholder meeting and board meeting are planned, but the Nürburgring’s future is currently in the hands of the courts.

Source: Rhein-Zeitung 1, 2

http://www.theweathernetwork.com/weather/pkpb0002

 

[PanterroR]

That's really a sad news... Hope it won't finish like that...

 

[Levi68]

VAG bought Nardo in Italy, BMW/Toyota should buy N-Ring.

 

[Human]

Nurburgring boss Jorg Lindner has confirmed it is "possible" Bernie Ecclestone will buy the embattled German grand prix venue.​

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Die Rheinpfalz newspaper reported on Thursday that, with the circuit having entered an insolvency process, F1's chief executive was looking into buying the Nurburgring.​

"I want to meet the people from the Nurburgring," Ecclestone told Bild newspaper this week. "We want to see if we can help them."​

When asked about Ecclestone's reported interest in buying the fabled track, Nurburgring Automotive GmbH chief Lindner said: "I can not judge the economic interests of Bernie Ecclestone.​

"But anything is possible," he is quoted by the German news agency SID.​

Lindner is also considering heading a management-buyout of the beleaguered circuit, meaning he insists the prospect of a 2013 race at the Nurburgring is "very realistic".​

But he said the direction must be clear within the "next four to six weeks".​

And "The marketing for 2013 would need to start soon," Lindner also cautioned.​

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Read more: http://www.worldcarfans.com/112072846721/ecclestone-to-buy-nurburgring-possible---boss#ixzz21zfALZeb​

 

[Centurion]

I hunk Bernie could improve the commercial value of the track letting teams test there and offering the public driving packages that are affordable to car enthusiasts.

 

[Wolfgang]

An update.

Ecclestone considers buying Nürburgring

Bernie Ecclestone has revealed he is thinking about securing the future of the Nürburgring's formula one race, by buying the embattled circuit. Weighed under by financial problems and now for sale, this weekend's round at the famous track in the Eifel only survived on the 2013 calendar because the F1 chief executive heavily reduced his sanctioning fee.

Asked by Die Welt newspaper about the Nürburgring's future beyond the German grand prix on Sunday, Ecclestone answered: "It's quite possible that I'll buy it (the circuit). "At least I'm thinking about it. "If I do that, it would mean the German grand prix is secure in the future, taking into account of course the existing contracts with Hockenheim."

The 82-year-old Briton said he will make his final decision "in a few months". "At any rate," Ecclestone insisted, "the German grand prix next year will be at Hockenheim. There are binding contracts and I will keep to them."

The F1 supremo also said he is hoping "two new races" in America will complement the now annual Austin race, "namely in Long Beach and New York (New Jersey)". And Ecclestone said F1 is also planning races in Thailand, as well as Baku -- the capital of Azerbaijan.

http://www.worldcarfans.com/113070659809/ecclestone-considers-buying-nurburgring