Buyout group HIG set to buy historic Nuerburgring
By Alexander Hübner
FRANKFURT (Reuters) - An investor group led by buyout firm HIG Capital is poised to acquire the financially troubled Nuerburgring race track in Germany, two sources familiar with the transaction said on Wednesday.
The circuit went into administration in 2012 after local politicians loaded it with debt equating to around 50 years worth of profit, and the famed and once-feared track started looking for a new owner in the spring of 2013.
The HIG consortium HIG has already registered the acquisition of substantial parts of Nuerburgring's assets with the German competition authority, the Federal Cartel Authority said on its website.
According to weekly publication Wirtschaftswoche, HIG is paying no more than 60-70 million euros ($82.4-96.2 million)for Nuerburgring. HIG Capital declined to comment on the purchase.
HIG looks to have outmaneuvered Formula One supremo Bernie Ecclestone, who had also submitted an offer for the circuit, which at 20km is the world's longest race track but has not hosted a Grand Prix since Niki Lauda crashed there in 1976.
The adjacent modern F1 track, which is 5.1km long, first hosted Formula One in 1984.
The assets include the track and adjacent amusement park which features a rollercoaster designed to mimic an F1 car.
With Nuerburgring, however, still to be sold off, Germany's future in Formula One was less assured despite the heavyweight presence of Mercedes in the championship, Ecclestone told Reuters on Wednesday. Continued...