Germany’s Nuerburgring Formula One Track Sold to Car-Parts Maker

The Nuerburgring, the German race track known as Green Hell for its challenging Formula One course, was bought by an auto-parts maker two years after the former owner and operator filed for insolvency protection. The acquisition by Dusseldorf-based Capricorn Group values the 379-hectare (937-acre) property at more than 100 million euros ($139 million), lawyers managing the insolvency of owner Nuerburgring GmbH said yesterday in a statement. That includes 25 million euros that the buyer will spend to further develop the site. The Nuerburgring, about 172 kilometers (107 miles) northwest of Frankfurt, was built in 1927 and has hosted at least 30 Formula One races, including a 1976 event where Austrian driver Niki Lauda’s car burned while he was trapped inside. The site was offered for sale last year after its owners failed to pay loans taken out to build hotels and a roller coaster. “The creditor committee had two very good offers and in the end decided on the offer with the highest price and good prospects for the region,” insolvency lawyer Jens Lieser said in the statement. Capricorn’s acquisition includes the 21-kilometer North Loop and newer 5-kilometer Grand Prix circuit. Last year, Hyundai Motor Co. (005380) built a 4.4 million-euro research center at the Nuerburgring with direct access to the tree-lined track, which was dubbed Green Hell by driverJackie Stewart. German auto club ADAC bid about 100 million euros for the property, Frankfurter Allgemeine Zeitung reported in November. Formula One Management Ltd. Chief Executive Officer Bernie Ecclestone also submitted a bid, WirtschaftsWoche reported in January. Since 2008, the Nuerburgring has staged the German Grand Prix every other year, alternating with the Hockenheimring track. To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net To contact the editors responsible for this story: Andrew Blackman at ablackman@bloomberg.netJeffrey St.Onge, Andrew Blackman, Ross Larsen Source :  http://www.bloomberg.com/news/2014-03-12/germany-s-nuerburgring-formula-one-track-sold-to-car-parts-maker.html