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