March eleven, 2014 – 2:34 pm ET
BERLIN (Bloomberg) — The Nuerburgring, the German race track known as Green Hell for its challenging Formula One particular program, was offered to Capricorn Group, an car parts maker based mostly in Dusseldorf.
The transaction values the 379-hectare (937-acre) home at more than 100 million euros ($ 139 million), which includes 25 million euros to be invested additional establishing the website, lawyers managing the insolvency of owner Nuerburgring GmbH mentioned.
The website was place up for sale final 12 months following its owners failed to shell out loans taken out to develop hotels and a rollercoaster.
“The creditor committee had 2 really great offers and in the end decided on the offer with the highest price tag and excellent prospects for the region,” insolvency attorney Jens Lieser explained in the statement.
The Nuerburgring, Germany’;s most famous race circuit, was constructed in 1927 and has hosted at least 30 Formula 1 races, like a 1976 event exactly where Austrian driver Niki Lauda’;s auto burned whilst he was trapped inside.
The track’;s owner and operator filed for insolvency protection in 2012.
Capricorn’;s acquisition involves the 21-kilometer (13-mile) North Loop and newer 5-kilometer Grand Prix circuit.
Final 12 months, Hyundai Motor Co. developed a 4.4 million-euro research center at the Nuerburgring with direct accessibility to the tree-lined track, which was dubbed Green Hell by driver Jackie Stewart.
German automobile club ADAC bid about 100 million euros for the house, Frankfurter Allgemeine Zeitung reported in November.
Formula One Management CEO Bernie Ecclestone also submitted a bid, WirtschaftsWoche reported in January.