user icon
user icon

New Nurburgring owner misses second payment due date

  • Published on 21 Aug 2014 11:36
  • comments 0
  • By: Rob Veenstra
The Nurburgring's sale has hit a fork in the road. In March, the financially embattled German grand prix host was bought for a reported EUR 77 million by a Dusseldorf based automotive group called Capricorn. Capricorn has since been successfully negotiating with Bernie Ecclestone about a new long-term race contract.

But Rhein Zeitung newspaper has now claimed that Capricorn has not paid the second due instalment to the Rhineland-Palatinate state. Citing sources, the report said the amount of 5 million euros became due on July 31. To date, Capricorn has only paid one instalment in the same amount.

"It is assumed that Capricorn's financing from banks has come to a standstill because the European Commission has postponed several times the decision on the legality of the sale," Rhein Zeitung reported. A spokesman for the financial recovery experts in charge of the Nurburgring insolvency said: "We have a timescale shift for the second purchase instalment. We still expect the sale to go ahead," he is quoted by Speed Week.

And Capricorn chief Robertino Wild told Auto Bild it is "untrue" the payment delay is in fact due to the company's own financial problems. "This is a completely normal process. The operation of the business is going very well," he added. (GMM)

Replies (0)

Login to reply

BE Grand Prix of Belgium

Local time 

BE Grand Prix of Belgium

Local time 

Related news

Test calendar

Circuit de Catalunya - Winter testing

Circuit de Catalunya - Winter testing

See full test schedule

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

World Championship standings 2020

Show full world champion standings

Formula 1 Calendar - 2020

Date
Grand Prix
Circuit
-
Spain
-
Spain
3 - Jul 5
Austria
10 - Jul 12
Austria
17 - Jul 19
Hungary
31 - Aug 2
United Kingdom
7 - Aug 9
United Kingdom
14 - Aug 16
Spain
28 - Aug 30
Belgium
4 - Sep 6
Italy
11 - Sep 13
Italy
25 - Sep 27
Russian
9 - Oct 11
Germany
13 - Nov 15
Turkey
27 - Nov 29
Bahrain
10 - Dec 13
United Arab Emirates
See full schedule

Formula 1 Calendar - 2020

Date
Grand Prix & Circuit
3 - Jul 5
Austria Red Bull Ring
10 - Jul 12
Austria Red Bull Ring
17 - Jul 19
Hungary Hungaroring
31 - Aug 2
United Kingdom Silverstone
7 - Aug 9
United Kingdom Silverstone
14 - Aug 16
28 - Aug 30
4 - Sep 6
Italy Monza
11 - Sep 13
Italy Mugello
25 - Sep 27
Russian Sochi Autodrom
9 - Oct 11
Germany Nurburgring
13 - Nov 15
Turkey Istanbul Park
27 - Nov 29
10 - Dec 13
United Arab Emirates Yas Marina Circuit
See full schedule
show sidebar