After months of uncertainty, the dark clouds that hovered over the Nürburgring circuit finally dissipated. Capricorn Group has just announced the purchase of the German circuit.
Tonight, millions of four-wheelers will sleep more rested. The Nürburgring circuit has finally been sold and its facilities will not be dismantled, as has been speculated. The promise was made by Capricorn Group, the new owner of the German circuit.
It took several months of negotiation for the Capricorn Group to finally get the better of some of the world's most powerful real estate, banking and motorsport groups. The Capricorn Group paid more than €100,000,000 (one hundred million euros!) for the Nürburgring, of which 25 million will be for direct investment in infrastructure of the circuit.
But it was not just the money that made the team led by insolvency manager, Jens Lieser, select Capricorn among the various groups interested in acquiring the circuit. In addition to the financial allocation, the Capricorn Group beckoned the German Government and local entities with a very important commitment: maintain and improve the Nürburgring circuit . Thus, the possibility of dismantling the circuit for real estate purposes is ruled out.
Robertino Wild, owner of Capricorn Group, has already stated in a statement that the intention of the group he leads is none other than “ strengthen the Nürburgring's status as a global cluster of the automotive and tourism industry “. This, in several aspects: sport, leisure, research and development. Measures that will certainly encourage the creation of more jobs and increase the dynamics of the local economy. Local entities applaud and everyone looks good in the photograph.
This proximity and interest of the Capricorn Group in maintaining the genesis of the circuit, will not be alien to the nature of its activity. The Capricorn Group is an important player in the components industry, both for the automotive and aeronautical industries. This group from Dusseldorf, Nürburgring has been breathing for several years : it has one of its largest facilities there, where more than 100 of its 350 employees work daily.
However, the administration of the circuit will only effectively transfer to the control of Capricorn in January 2015. Until then, the usual process of validation of the sale by the European Commission will take place, which is responsible for certifying and ensuring that the entire process of sale and acquisition complied with criteria of transparency and future sustainability.
Some media outlets even announced the purchase of the circuit by an American company (HIG Capital) and for a lower price, but it was nothing but speculation.
You can read the full Capricorn Group release here.