Nürburgring race track going bankrupt
The Nürburgring race track is headed for bankruptcy after it was denied a €13-million aid package that would have allowed the famous track to operate for six more months. This track owned by Rhineland-Palatinate is also known as the ‘Green Hell’. According to a report from Rhein-Zeitung, a German newspaper, the operating company has debts of €413 million, which include a €330 million Investitions und Strukturbank (ISB) loan as well as €83 million in other loans. For several years, the Nürburgring has been hurting from the weight of its huge debt and losses.
In 2004, the state invested €215 million for the expansion of the Nürburgring’s complex. These plans include a leisure and business center with amusement park and hotel complex, which has been a dismal failure commercially. The Nürburgring has been where the German grand prix has been held biannually with the Hockenheimring since 2007. This makes the 2013 Nürburgring race highly uncertain. In 1927, the Nürburgring track was opened. This was decided after the 1920s ADAC Eifelrennen, which took place on public streets in the Eifel mountains, was regarded too risky and impractical. Maybe a Malaysian company should buy it over…….we have plenty of millionaires who like to invest in overseas businesses.
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