Russian Billionaire Acquires 99 Percent Nürburgring Stake

8 years, 7 months ago - 28 April 2016, Autoblog

The past few years have been rough for the German Nürburgring racetrack, with different buyers trying to acquire the financially desperately troubled complex. In the end, the successful party was the Russian billionaire Viktor Kharitonin, who beat out Düsseldorf-based Capricorn Development.

Capricon was ultimately not able to come up with complete control of the racetrack due to missing payments, leaving room for Kharitonin to gradually sweep in. Also involved was a junior partner, Getspeed Performance.

Now, reports say Kharitonin has acquired a 99-percent stake of Nürburgring's stock, with the remaining one percent left to Getspeed. Earlier, Kharitonin's share was 80 percent, and the new transaction is said to be worth $43 million. The total purchase price would then be 87 million dollars.

The financial troubles of Nürburgring effectively caused it to remain out of the F1 circus in 2015, which is a special concern for the communities around the track complex that largely rely on tourists visiting the fabled track. Kharitonin has been quoted in saying negotiations with Formula One Management's Bernie Ecclestone will continue, and that the place for a Nürburgring F1 race in 2017 is still a possibility.