The Nürburgring is arguably one of the most famous racetracks in the world. However, on Wednesday 18 July, the company that currently runs the racetrack facility officially declared bankruptcy. The previous day, details surfaced that the European Commission would not help Nürburgring GmbH, and that bankruptcy was imminent. Kurt Beck, the Minister President of Rhineland-Palatinate, announced last week in a press conference that the company was going to begin insolvency proceedings and was indeed bankrupt.
The principal creditor is the state of Rhineland-Palatinate, who has invested EUR524 million into the development of the complex, which is one of the reasons why the Nordschleife, the track itself, will not be forced to cease operations. Government liquidators have been appointed to handle the finances, and they will begin by selling off assets in order to net some return for their dissatisfied creditors.
Whilst the hotel, amusement park and shopping centre have been nothing but a burden to Nürburgring GmbH, the racetrack remains fiscally robust. The state will likely look to liquidate the underperforming areas, and the track, which is the main money maker, will be saved at all costs.
The remainder of racing events for 2012 continue unaffected, but the 2013 season remains up in the air.
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