Capricorn wins bid for Nurburgring
Following intensive and constructive negotiations, the race for the Nurburgring has been decided: Prof. Dr. Thomas B. Schmidt, the managing director in charge of the restructuring process, and the insolvency monitor, Jens Lieser, have now sold all assets of the historic Nurburgring after a Europe-wide investor process lasting many months. They have been acquired by the newly established Capricorn NURBURGRING GmbH, whose managing directors are Dr. Robertino Wild and Adam Osieka. The Capricorn GROUP to which the new buyer belongs is a medium-sized business that has its roots in motor sport and provides products and services for the automotive and aviation sectors through the development of innovative materials and technologies at several sites across Europe.
The buyer will take over and continue to run the business operations of the Nurburgring, with its numerous motor races, music events, tourist and test drives as well as the hotels and holiday facilities. The business strategy of the bidder is that the Capricorn GROUP will develop and expand the Nurburgring into an Automotive Technology Cluster. This new approach goes well beyond pure motor sport and offers the prospect of further jobs in the region.
The company opened a production plant in the immediate vicinity of the Nurburgring as long ago as 2002, since when it has been continually expanded. This success is now to stimulate the further expansion of the Nurburgring and create high-quality jobs in the region through the formation of networks with universities and colleges and leading companies in the automotive sector. "The creditors' committee had two excellent offers in front of them and ultimately opted for the one that delivered the highest purchase price and good prospects for the region", said insolvency monitor Jens Lieser, explaining the decision and consent of the creditors' committee for the bidder Capricorn NURBURGRING GmbH.
The transaction volume is in excess of EUR 1 OOm, of which EUR 25m is earmarked for investment in the expansion of the Nurburgring and its periphery as well as the creation of a new Automotive Technology Cluster. "Some 20 months after the insolvency application, the time of uncertainty for the Nurburgring, motor sport fans, the automotive industry, event organizers, employees and the region is over. We can now look ahead because we have clarity and a real perspective", said Dr. Schmidt, who as managing director is in charge of the restructuring.
The buyer will take over the assets of Nurburgring GmbH on 1 January 2015, which means that Nurburgring Betriebsgesellschaft mbH will continue to run business operations in the current 2014 season. It has a right of withdrawal in the event that the European Commission takes legal action against it for possible recovery of state aid. The restructuring experts are confident that the European Commission will confirm that the investor process was carried out properly and that the buyer will not therefore be liable to repay any state aid.
identified the enormous potential of this unique race venue and would like to optimize the existing structures, but above all turn the vision of an Automotive Technology Cluster into reality", said Dr.
Robertino Wild, managing partner of the Capricorn GROUP. This concept gives the region lasting prospects for the future and offers people the chance of high-quality jobs. "Responsibility for local people and safeguarding the interests of the region are key to sustainable success. They are the foundation for the new economic prospects of the Nurburgring. If the Nurburgring does well, then the people in the region also do well", said Adam Osieka as managing director. The existing contacts with universities and colleges and leading businesses in the car and automotive sectors are to be successively exploited for the expansion of the technology centre.
To achieve its goals, the buyer will need to make significant structural changes to the Nurburgring.
Among these are the plans for the ring0racer to be shut down, while the Eifeldorf 'Grune Holle' will be replaced by the proposed Automotive Technology Cluster. Alongside an essential revamp of organizational structures, the ringbcard is also to be dispensed with.
Meanwhile, the 2014 season promises to be a complete success for the Nurburgring, All events will be held as planned. The race calendar for this year is already fully booked and a whole raft of highly attractive public events will take place.