Shock as HIG Europe loses out and Nurburgring is sold to Capricorn Group
The Nurburgring has been sold to German automotive firm Capricorn Group for a figure totalling over 100m euros, with a further 25m euros of investment in the current infrastructure promised. The German bid beat the HIG Europe Group's efforts with only minutes to spare.
Capricorn will launch a new company called Capricorn Nurburgring to handle the new business from January 1 2015. Their plans include relocating the roller coaster to another town in the region, scrapping the maligned ring card payment system, and remodelling the current Eifeldorf as a Silverstone-style technology park.
Capricorn Nurburgring will be headed by Adam Osieka, a current VLN racer and CEO of new racing/tuning outfit Getspeed, based in the current industry park.
"It was a very close thing," admitted boss-to-be Adam Osieka. "I haven't slept for two nights, and nothing was decided until the last moment."
HIG, an investment group based in Miami, had been widely tipped to win the bidding process. Indeed only last week they registered six companies to handle their impending victory. Englishman, racer and CEO of those companies Meyrick Cox said: "Of course we are disappointed. We have great experience in this sector with strong links to the F1 and music businesses. We hope that the winning bid can do as much good for the Nurburgring as we had planned."
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Hopefully there is now a light at the end of this tunnel.
caraddict11 Mar 2014
The first part of the wait is over; the sale is official.
Now the second part of the wait begins; the buyers' plan.
smilo99611 Mar 2014
Another lesson in German business. They do not ever deal with or sell their own business to non German businesses, unless there is no alternative.
Englishman, racer and CEO of those companies Meyrick Cox said: "Of course we are disappointed. We have great experience in this sector with strong links to the F1 and music businesses.
Shame Aston Martin did not learn that.
heelntoe11 Mar 2014
Hopefully there is some light at the end of this indeed and considering it's going to be run by an VLN racer should "I hope" see things through slightly different lenses whilst also taking note of the business end of things. However, I'm not sure what they mean by this.. ......maligned ring card payment system .
Edited by heelntoe on Tuesday 11th March 19:01
rogerhudson11 Mar 2014
A clean track and a few snipers to pick off the grafitti idiots please.