The purchase is said to value the property at more than 100 million euros (~$139 million USD), with a commitment for an additional 25 million euros (~$35 million USD) to be spent on future development, according to Bloomberg.
“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,” Jens Lieser, one of the attorneys managing the Nurburgring’s insolvency, said in a statement.
The acquisition deal is said to include all tracks, including the iconic Nordschleife loop and the shorter circuit used in modern Formula 1 races, along with several hotels, an amusement park and other assets.
Earlier reports claimed that US investment firm HIG Capital had sealed the deal for between 60-70 million euros (~$83-97 million USD). Other bids are said to have been submitted from Formula 1 boss Bernie Ecclestone and German auto club ADAC.
“The buyer will take over and continue to run the business operations of the Nurburgring, with its numerous motor races, music events, tourist and test drives as well as the hotels and holiday facilities,” the insolvency attorneys said.
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