ADAC in pole position for Nürburgring sale
Germany's motoring organization the ADAC, has put itself on the starting grid in the competition to buy up the legendary but bankrupt Nürburgring racing track, according to a media report.
The Wirtschaftswoche magazine said ADAC head Peter Meyer confirmed that the organization had on Monday registered as an interested party with insolvency administrator KPMG, which has been tasked with selling Nürburgring GmbH.
"The Nürburgring is without question the cradle of German motorsport," Meyer told the magazine. "One could with justification describe it as automobile heritage. Therefore all efforts should be made to keep this sports arena for motorsports into the future."
State-run Nürburgring GmbH has been for sale since the middle of May - its holdings include both race tracks - the legendary north ring which was built in 1927, and the more modern Grand Prix course, which has hosted Formula 1 races. The complex is also home to the huge annual Rock am Ring music festival.
It is these which the Wirtschaftswoche said were of most interest to the ADAC - a theme park built by the Rhineland Palatinate state government for €330 million is of less interest.
The insolvency followed years of pumping millions of public euros into the venture, which led to an investigation by the European Commission into whether that constituted illegal state subsidy of a company.
The magazine said there were thought to be around 30 serious potential investors, but that there were not yet any binding offers. The ADAC has also not made a specific offer, the magazine said, but its expression of interest had secured it access to confidential financial information, on which it could then base any potential bid.
Meyer said the ADAC would be focussed on ensuring that the motorsport facilities could be run sustainably - not making a loss, even if a large profit would not be the first priority.
The Local/hc
Comments
See Also
The Wirtschaftswoche magazine said ADAC head Peter Meyer confirmed that the organization had on Monday registered as an interested party with insolvency administrator KPMG, which has been tasked with selling Nürburgring GmbH.
"The Nürburgring is without question the cradle of German motorsport," Meyer told the magazine. "One could with justification describe it as automobile heritage. Therefore all efforts should be made to keep this sports arena for motorsports into the future."
State-run Nürburgring GmbH has been for sale since the middle of May - its holdings include both race tracks - the legendary north ring which was built in 1927, and the more modern Grand Prix course, which has hosted Formula 1 races. The complex is also home to the huge annual Rock am Ring music festival.
It is these which the Wirtschaftswoche said were of most interest to the ADAC - a theme park built by the Rhineland Palatinate state government for €330 million is of less interest.
The insolvency followed years of pumping millions of public euros into the venture, which led to an investigation by the European Commission into whether that constituted illegal state subsidy of a company.
The magazine said there were thought to be around 30 serious potential investors, but that there were not yet any binding offers. The ADAC has also not made a specific offer, the magazine said, but its expression of interest had secured it access to confidential financial information, on which it could then base any potential bid.
Meyer said the ADAC would be focussed on ensuring that the motorsport facilities could be run sustainably - not making a loss, even if a large profit would not be the first priority.
The Local/hc
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.