American investment firm to buy Nurburgring for $82-$96Mby Justin King
Famed track fetches just half of its original asking price.
An American investment consortium led by HIG Capital has reportedly moved to acquire Germany's famed Nurburgring race complex.
The firm is said to have submitted an acquisition proposal to the German competition regulator, the Federal Cartel Office, for a significant portion of the Nurburgring's assets, according to Reuters.
The group is allegedly preparing to pay no more than 60-70 million euros (~$83.4-$97.3 million USD) for the complex, representing approximately half of the initial asking price of 125 million euros (~$174 million USD) in March of last year.
The buyout reportedly includes all of the Nurburgring tracks, including the iconic 20.8-kilometer Nordschleife loop and a shorter adjacent circuit that hosts modern Formula 1 races. The property also offers an amusement park, a business park and several hotels.
Reports circulating last year suggested as many as 10 serious parties had expressed interest in the complex, including Formula 1 head Bernie Ecclestone and a separate group of automakers.
The German government has mandated that any potential suitor must continue to provide public access to the historic track, ensuring it will continue to serve tourists and automakers alike.