According localised German news site, Die Rhein-Zeitung, the latest proposal to save the world famous Nordschleife has all but collapsed.

Additions to the Nurburgring have left NAG a reported 500 million euros in interest

Since it’s inauguration in 1927, the Nurburgring has hosted some of the greatest races in motor racing history, but for the past several years, the circuit has wallowed in debt due to imprudency from investors, ‘Nurburgring Automotive GmbH’ (NAG), turned part of the Nordschleife into a leisure park, hotel, shopping mall, event arena, kart track and even a roller coaster. Most od the additions have remained vacant and the roller coaster never opened out of occupational health and safety considerations.

In addition to this, claims of monopolization from traders in the surrounding area have done little to endear the NAG group to the wider commercial community.

Leaving Nurburgring around €350 million in debt, a further plea to the EU Brussels for a regional bailout grant of €13 million was declined. Investors additional plea for a suspension of interest payments on the debt was also refused. Allleged fraud and money laundering have also been levelled at NAG, with a presumed  €524 million of unauthorised funds reputed to have passed trough the NAG exchequer.
With the land now in the hands of the state of Rheinland-Pfalz;, administration proceedings will inevitably decide the fate of the Nurburgring.

According to the Rhein-Zeitung’s information, the EU again classifies the financial aid that has been applied for as inadmissible subsidy.Brusselsis also looking into allegations that unauthorised (impermissible, improper) subsidies to the tune of altogether 524 million Euros have gone into the racing circuit and the leisure complex. The result of this investigation is still pending.

A simulated version of the ‘Ring might be the only option for those wishing to drive the famous circuit

 

The German Grand Prix runs at the Nurburgring bi-annually, with the next Formula 1 race during in 2013; whether the recent fallout will affect next year’s F1 calender will be clearer in the coming weeks. Regardless, the world famous ‘Green Hell’ will therefore be sold, partly or as a whole.

A Twitter campaign to ‘Save The Ring’ has garnered enormous support since 2010, but  What will to the Nurburgring now is in the hands of the administrators who will have to satisfy [the demands of] the [Ring GmbH’s] creditors…. That being the State.

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About trentprice

Driver ICoach V8 Race Experience Freelance writer Freelance Writer (Sole Proprietorship) Sole Proprietorship; Myself Only; Writing and Editing industry 2011 – Present (less than a year) Writing for film and entertainment and motoring magazines in Australia and UK REGION 4 Magazine Responsibilities: Press releases for new media products, competitions and events co-ordinator, article concept developer, arranging and conducting interviews within the film industry including actors such as Heather Graham, Monet Mazur, Steve Coogan and Seinfeld’s Michael Richards to name but a few. Writer: creative performance Artist Services – Foxtel Cable Television Australia Responsibilities: Writer, performer and segment producer overseeing editing and post-dubbing ABC Recovery –ABC Television- Weekend Youth Music program - Writer and performer ABC Backberner- ABC Television-Australian news satire program – Writer MG Enthusiast -Kelsey Publishing UK February 2011- Feature motoring articles MG Racer Magazine- online publication www.mgracing.mgcc.com.au/mgracer/default.html Responsibilities: Co-founder, writer, editor, concept developer, promotion and marketing, sponsorship coordination MG Racing in Australia- online forum http://mgracing.forumotion.com/ Responsibilities: Concept developer, writer, monitoring of content

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