Advertisement
Advertisement
Advertisement

Nürburgring files for bankruptcy

Legendary track denied €13-million aid package

Published: July 22, 2012, 9:00 AM
Updated: April 29, 2018, 3:18 PM

Course with profile. Daniel Keilwitz drives his MINI John Cooper Works CHALLENGE at the famous Nürburgring-Nordschleife (05/2008) -

[*]|h4tnstt1|[*]

That sound you hear is the collective, "Oh noooooooooooo!" of enthusiasts the world over, as the famous Nürburgring race track files for bankruptcy.

The German newspaper Rhein-Zeitung reports that the government-owned track's operating company is in debt to the tune of €413 million ($508 million Cdn). The state expanded the course in 2004 with a €215 million ($265 million Cdn) investment including a business and leisure centre (complete with roller coaster) that has not proven commercially viable.

The day before the bankruptcy announcement, a bailout proposal was blocked by the European commission, who said it would constitute illegal state aid.

Operations this year are expected to proceed as planned, but the 2013 Nürburgring grand prix would seem up in the air. Operators are reportedly seeking new investors or a buyer for the complex. Nürburg mayor Reinhold Schüssler told reporters he feared the whole region might go down: "The whole of Nürburg lives off the ring!"

The Nürburgring track opened in 1927.