German Automobile Club Plans To Buy Bankrupt Nurburgring Racetrack

German automobile club ADAC "is planning on buying the historic Nurburgring" racetrack, according to the SID. The second-biggest auto club in the world "has joined the bidding process for the bankrupt track."

ADAC President Peter Meyer said, "The Nurburgring is without a doubt the birthplace of German motorsports. You can call it an automobile artifact. Therefore we've started our effort to preserve this sporting facility for the future."

The Nurburgring has been up for sale since May 15. Investors "are able to buy the whole racetrack with Nordschleife, Grand Prix track, amusement park and hotel or individual packages." Business analysts estimated the value of the whole Nurburgring to be around €120M ($157M) SID