Nurburgring goes bust, EU not planning to help

[MikeFleming]

1101
The Nurburgring is officially broke. According to various (http://www.rhein-zeitung.de/regionales_artikel,-EU-lehnt-Hilfe-ab-Nuerburgring-GmbH-geht-pleite-_arid,453923.html) German sources (http://translate.google.com/translate?sl=de&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.wiwo.de%2Fpolitik%2Fdeutschland%2Fnuerbur gring-rennstrecke-steht-kurz-vor-dem-kollaps-seite-all%2F6877122-all.html&act=url), the only chance the owners of the 'Ring have to fend off bankruptcy is if the track gets 13 million euros of new life injected into it. Problem is, state officials have said it's not going to happen.

In other words, the Nurburgring will go into administration and its future will at least in part be decided in court. Also up for debate will be the legality of 524 million euros worth of funding that the state has already pumped into the track, an amusement park with hotels and a shopping mall that make up the local attraction.

Reports indicate that the rest of 2012 will proceed as planned at the 'Ring. After that, it's anybody's guess what will happen to the famous German racetrack.Nurburgring goes bust, EU not planning to help (http://www.autoblog.com/2012/07/17/nurburgring-goes-bust-eu-not-planning-to-help/) originally appeared on Autoblog (http://www.autoblog.com/) on Tue, 17 Jul 2012 15:59:00 EST

[S8V6O]

Sad to hear that such an historic track could be gone by the end of the year. That picture, with the "cross-like" post in the foreground, might be more than a fitting, unintended memorium.

[DominicL]

Sad to hear that such an historic track could be gone by the end of the year. That picture, with the "cross-like" post in the foreground, might be more than a fitting, unintended memorium.


Sad indeed. I don't think the rescue of the track itself would be high on EU's priority list. :(

[S8V6O]

The conditions and financial attitudes of some of the EU nations could very likely take down the EU, effect the famous German F1 racetrack demise.....AND could even effect the US economy. Those are some REVOLTIN' DEVELOPMENTS all because those few EU nations won't take responsibility, own up to the fact they have flunked "dumbell X economics" class and see to it that their countries pass some austerity plans to reverse the precipitous downward eco-trend.

Now I'll get off the podium...... I'm :cool:, I think...

[MikeFleming]

1196
Bernie Ecclestone (http://autoblog.com/tag/bernie+ecclestone) was apparently quite serious when he said he would "do everything" to save the troubled Nürburgring (http://www.autoblog.com/2012/07/23/ecclestone-says-he-will-do-everything-to-save-ring/). In fact, according to a new report from Bloomberg Businessweek, the megalomaniacal Formula One (http://autoblog.com/tag/formula+one) boss might just buy the track outright. That'd certainly be a quick answer to the 'Ring's financial troubles.

That said, Bloomberg reports that Ecclestone has no plans to organize a Formula One race on the Nürburgring (http://autoblog.com/tag/nurburgring) at his own expense. Furthermore, Ecclestone has declined to comment on pricing or conditions for the alleged agreement.

The Nürburgring's severe debt crisis is hardly news - the legendary track has been going through hard times for a while now, despite efforts to boost revenue by building a roller coaster and shopping mall on the premises. The European Union has refused to bail out the ailing track, as well, specifically because it has bigger fish to fry at the moment (you know, like the declining economies of many of its countries).

A timetable for a potential sale of the Nürburgring to Ecclestone has not been disclosed.Ecclestone may buy Nürburgring outright (http://www.autoblog.com/2012/07/27/ecclestone-may-buy-nurburgring-outright/) originally appeared on Autoblog (http://www.autoblog.com/) on Fri, 27 Jul 2012 13:00:00 EST.