Report: Miami-based mostly group buys Nürburgring for estimated $90 million: Circuit scheduled to return to Formula One schedule in 2015

Circuit scheduled to return to Formula One particular schedule in 2015

By: GMM on March 6, 2014

Reports out of Germany say the Nürburgring has been purchased by a Florida-based equity firm.

LAT PHOTOGRAPHIC – Reports out of Germany say the Nürburgring has been purchased by a Florida-based mostly equity firm.

According to a noted German organization weekly, the Nürburgring been sold for in between EUR 60 and 70 million (roughly $ 90 million).

This week, Formula 1 chief executive Bernie Ecclestone stated that he had been outbid for the fabled German Grand Prix venue, possessing supplied “$ 50 million.” Now, the leading German organization weekly Wirtschaftswoche reviews that Miami-primarily based private equity firm HIG Capital was the high bidder, possessing pledged EUR 60-70 million for the circuit, amusement park and nearby hotels.

The report said the Nürburgring trustee had truly hoped for a lot more than $ 25 million.

HIG Capital declined to comment.

Asked if the Nürburgring will return to the Formula One particular calendar as scheduled next yr, Ecclestone advised Reuters, “It depends who buys it.”

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