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Iconic Nürburgring track heads into final lap
Photo: DPA

Iconic Nürburgring track heads into final lap

Published: 21 Jul 2012 15:53 GMT+02:00
Updated: 21 Jul 2012 15:53 GMT+02:00

The company that manages Germany's troubled Nürburgring circuit has petitioned to enter administration at a court in the town of Bad Neuenahr-Ahrweiler, it emerged on Saturday.

The interior minister of the state of Rhineland-Palatinate, the majority shareholder in the company that manages the legendary circuit, told news agency AFP that Nürburgring Automotive made the move on Friday evening.

A spokesman for the minister added that administrators will be appointed by the court on Monday. Nürburgring Automotive are €13 million in debt and had been counting on financial aid from the European Union after extensive renovation work.

But the EU told them last week that no decision on a bail-out would be made until at least July 30.

The Nürburgring has been the main venue for the German Grand Prix since World War II but has shared duties with Hockenheim since 2009.

The latter circuit, in the Eifel region of Baden-Württemberg in southwestern Germany, is hosting this weekend's race and is also scheduled to stage the German Grand Prix in 2014, 2016 and 2018.

But fears are growing over the future of Formula 1 at the Nürburgring. F1 boss Bernie Ecclestone told the Rhein-Zeitung newspaper on Saturday that he hoped for a quick decision over whether the track will host next year’s racing event.

“The negotiations have to be completed within the next few weeks if there’s going to be a race in the Eifel in 2013,” said Ecclestone.

AFP/The Local/jlb

The Local (news@thelocal.de)

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Your comments about this article

16:46 July 21, 2012 by smart2012
"fake rich" germany ask eu for money to save a race track??? Now guys u realize how silly all of this??? Lol
21:01 July 21, 2012 by boroboy
80 million people in German, am sure if enough gave €1 a big part of history could be saved , come guys, plus how deep are bernie's pockets.
21:59 July 21, 2012 by IchBinKönig
Another bankrupt money pit and more debt hoisted onto the German taxpayer .
00:15 July 22, 2012 by Steve1949
I don't see a problem for them to get what results in pocket change compared to what the rest of the countries have received so far. If the EU can literally throw away billions of Euro's to Greece, plus Spain and Ireland and the end of the bailouts are no where close to being overwith. Atleast Nurburgring is historical and should be saved.
09:53 July 22, 2012 by lucksi
How did they manage that? Or rather mismanage.

This isn't a race course that is only used several times a year, but daily. Everyone can have a go and it's not cheap either. There are always cars on the track, heck, you can even have traffic jams if the weather is good.

Makes me wonder if someone hasn't been lining their pockets or just how many millions the executives paid themselves for the extremly hard job of managing a world known race track. But if they wouldn't do that, then they would have been enticed away, just like the bankers.
11:33 July 22, 2012 by smart2012
@lucksi, your point is good but is less than a half of the truth. Mani reason is that in Germany there r no sponsors left to pay the bill. Money are somewhere else. Only chance is that Chinese or Arabs come in, or Europe ...
15:58 July 22, 2012 by IchBinKönig
@lucksi

'The interior minister of the state of Rhineland-Palatinate, the majority shareholder in the company that manages the legendary circuit'

Makes me wonder if some Politician isn't lining their pockets. Just like the with buy back of Energy energy company shares.

But, no, you couldn't imagine that. You still want Bigger and Powerful Government. This must be what it looks like when Socialism works.
22:19 July 22, 2012 by McChatter
@ TL "The latter circuit, in the Eifel region of Baden-Württemberg in southwestern Germany," Duh?
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