Reports in the German media claim that Miami-based HIG Capital, a private equity company, has purchased therace circuit and its associated entertainment complex. Germany’s Wirtschaftswoche reports that HIG’s winning bid was $90m for the venue, which had been originally listed for sale at $165m.
HIG was one of several interested parties making offers for the facility, along with F1 boss Bernie Ecclestone. The circuit’s new owners are expected to maintain the Nurburgring’s current race operations, which include alternating as the host of the German Grand Prix with Hockenheim. However, HIG is expected to scrap the elaborate amusement park that was built around the facility, along with a hotel and shopping mall.
These major expenses, and the track’s inability to secure private financing, led to the track declaring bankruptcy in 2012 with debts approaching $500 million. The regional Rheinland-Pfalz government subsequently guaranteed $312m in public financing to allow the track to meet its debt obligations.