German automotive firm Capricorn Group has bought the Nurburgring for over $140 million and is planning to invest another $35 million to further developing the world-famous track.
The newly established Capricorn Nurburgring GmbH will be the official new owners of Nurburgring and will have Dr. Robertino Wild and Adam Osieka serving as managing directors.
News of the sale comes just after reports that US investment firm HIG Capital was about to seal the deal on the world famous German racetrack.
Capricorn has its roots in motorsports and provides products and services for the automotive and aviation industries at several sites across Europe. According to a press release regarding the sale, Capricorn Nurburgring will continue to run the business operations of the track along with its numerous races, music events, tourist and test drives in addition to hotels and holiday facilities.
Capricorn plans on expanding the Nurburgring into an “Automotive Technology Cluster,” in order to provide further jobs in the region. The company actually has a production plant in the immediate vicinity of the Nurburgring which has been operating since 2002. Capricorn will take over the assets of Nurburgring on January 1, 2015, which means the current Nurburgring owner will take care of this season’s events.
“As an enthusiastic motor sport fan, the Nürburgring has always been a passion of mine. We have identified the enormous potential of this unique race venue and would like to optimise the existing structures, but above all turn the vision of an Automotive Technology Cluster into reality,” said Dr. Robertino Wild.