Germany’s Nurburgring circuit has been sold to the Capricorn Group following a long search for a new owner after its previous went into administration in 2012.
The German company, which supplies parts to the motor sport industry, beat out rival bids from buyout firm H.I.G Capital and at one point, F1’s own Bernie Ecclestone put down an offer which was refused.
The administrator behind the sale, Nurburgring GmbH, didn’t disclose a figure, but it’s believed Capricorn have paid more than £80 million (€100m, $140m) for the facility.
The sale includes a 5.1 km FIA Grade 1 circuit which is used by Formula 1, the full 20.8 km Nordschleife circuit, an amusement park and various buildings.
The German company is hoping to develop the site into a centre of technology for the automotive industry, which has already invested in the area with several automakers basing research centres at the site.
It hasn’t been confirmed if Capricorn plan to retain the German GP which currently alternates between the circuit and Hockenheim.
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