Nurburgring Bankruptcy may force Closing Next Season

The Nurburgring is a historic and well-renowned track but recently, it has been experiencing very serious financial problems that may cause it to close next season. Two German newspapers, the Bridge to Gantry and Rhein-Zeitung, report that the Ring is in a bad case of debt which is causing irreversible problems:

This is a sad story to report… Nürburgring is bankrupt. Nürburgring GmbH which has (mis)managed the track and owes the state of Rheinland-Pfalz some 330 milion euros in loan credit. Some say its more like half a million euros they owe. Nürburgring GmbH needs another 13 million euros just to stay afloat this year! Without it they will have to close their doors and sell off the track to its creditors. The state of Rheinland-Pfalz turned down Nürburgring GmbH for that loan. A last minute plea to the EU in Brussels for a EU handout failed too.

Facing debts of €413m the ‘Ring only has assets valued at €126m, according to accounting firm Ernst & Young. Now it looks like its only a matter of time until the Ring closes.

Some are saying that they will stat open till the end of this season. One thing is for sure… next year’s races are uncertain in the very least. It looks like the 2013 race season could be lost. That means even for the big draw races like the 24 hours of Nürburgring – might not happen at all.

Source: Bridge to Gantry and Rhein-Zeitung