Legendary Nurburgring racetrack sold for over 100 million Euro

One of the most legendary racetracks in the world has been sold to a German buyer for a pricey sum of 100 million Euro

The Nurburgring is possibly one of the most dangerous, toughest and well known race tracks that exist today. Playing host to some of the greatest racing that the world has ever witnessed and some of the most horrible crashes, including that of Formula 1 world champion, Niki Lauda, the Nurburgring is often called by its nickname, the Green Hell.

In recent years though, the Nurburgring was in sheer financial difficulty owing to the poor state of European economy and in late-2012, the group that owned the Nurburgring announced that they would soon put the legendary track up for sale or shut it down completely. After much concern shown for the track and the buyers like an American based investor group showing interest, the track has finally been sold to the Düsseldorf-based Capricorn Group. Capricorn Development put in a last-minute bid to buy the track for 77 million euros ($106.8 million), and it's promising to invest a further 25 million euros ($34.7 million) into the historic racecourse. The company will take full ownership of the 'Ring on January 1, 2015.

The Capricorn Group is an automotive component manufacturer that intends to create a new technology centre at the Nurburgring and bring more specialised industry to the Nurburgring region. The company already has an office at the Nurburgring that supplies lightweight motorsport components to automakers and racing teams. The group also plans to keep the Nurburgring open to amature motorsport users and improve the track to make it safer for everyone. It also plans to promote official testing activities with new and improved facilities for automotive manufacturers.

The Nurburgring F1 ring too will go through a revamp although it is unsure whether the German Grand Prix will be held there for the next few years. In a recent statement, Bernie Ecclestone threatened to hold the German GP only at the Hockenheimring until financial issues were sorted out.