Nürburgring Race Track Sold

Published on March 12, 2014 in Racing by Danny Geraghty

The German Formula One Grand Prix at the Nuerburgring racetrack, in Nuerburg, Germany, Sunday, July 7, 2013

Germany's famous Nürburgring race track has been sold to auto parts maker Capricorn Group.

The famous track has become the standard bearer for automotive testing benchmarks and has a long and illustrious history. Many manufacturers have high-tech testing facilities on the complex which was built in 1927.

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According to a report by Bloomberg, the former owners failed to pay off loans used to finance construction of hotels and a rollercoaster. The purchase price was about $154 million including $27 million in future development costs.

"The creditor committee had two very good offers and in the end decided on the offer with the highest price and good prospects for the region," insolvency lawyer Jens Lieser said in a statement.