Nürburgring Operator Has Filed For Bankruptcy
Posted on , by Nick Preston
It would appear that recent gossip of the Nürburgring going bankrupt has come to fruition with news coming overnight that its private operator has filed for bankruptcy. The track itself is owned by the German government, with the private operator being Nürburgring GmbH, who is responsible for the day-to-day running of the track.
The bankrupty announcement was made during a recent press conference in the German city of Mainz, in which the Nürburgring GmbH’s senior management and state governor for the Rhineland-Palatinate area Kurt Beck attended.
A recent bailout proposal that was announced yesterday which gave some hope for the track to remain open has been unfortunately blocked by the European Commission on the grounds that it would constitute illegal state aid.
What a load of bollocks!
The debt levels for the Nürburgring have soared with a costly attempt to expand the site with a new entertainment center and roller coaster, which has proven unpopular with tourists.
Nürburgring GmbH currently owes around £310 million (approximately $490 million) to a Rhineland-Palatinate bank, which it has been reportedly unable to pay.
Events for the rest of the year are expected to go on as planned, although the future for the Nürburgring isn’t looking good.
In a statement, Nürburgring GmbH said that jobs and salaries of its employees were safe for now and that it was seeking new investors or even a potential buyer for the business.