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Nurburgring To Be Sold Next Month For $170 Million
Nurburgring sale has been finalised. The famous German racing track will go under the hammer as early as next next month. The tracks troubles are often blamed on the poor European economic situation and poor management by the German government. In July 2012 Nurburgring was salvaged with public money to save it from the $515-million debt, but government can sustain it no longer and as per the European Commission's direction the historic track will be sold to a private buyer or a group of buyers.
According to Autoweek, the estimated sale price for the Nurburgring is just 132 million euros or about $170 million, which is far less than the $515 million debt amount. Those interested in participating in the purchase of the track will have to make themselves known by June 12.
The German government has put in place some conditions for the sale of Nurburgring. Under the agreement the new owner will have to provide access to the general public and should allow the existing annual racing event to continue. It is not clear if the public will only be allowed entry or will also be allowed to use the track.
The 86 year old, 20.5 km long track with 154 turns is a popular destination for manufacturers interested in testing their cars. Nurburgring will bring in an average income of $80 million to the new owner.
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