Nurburgring Track Facing Loss, to File for Bankruptcy
One of the most popular names associated with motor racing, Nürburgring track in Germany, is under some serious trouble. Basis the German newspaper, Rhein-Zeitung, the track has been running in loses since quite some time with debts of USD 507 million and is going to file for bankruptcy. This amount includes USD 405 million that they owe to the state owned ISB investment structural bank and the remaining USD 102 million include the other miscellaneous loans that they owe.
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The German state of Rhineland-Palatinate owns 90% of the Nürburgring and are compelled to file for bankruptcy since the European Commission refused to grant them the right to add USD 16 million into another project that would help them survive for at least 6 more months. Mayor Reinhold Schüssler commenting on this state said that this would cause a lot of trouble for the entire Nürburg because they live off the track. This will affect the taxpayers and the market on the whole. Since the year 2007, German Grand Prix was enjoyed by millions at this track, where the race is held biannually with Hockenheimring. The 2013 Nürburgring race therefore is uncertain for now.
It’s sad to see one of the biggest and most popular racetracks in this situation. Germany is home for the eminent racers like Michael Shumacher, Vettel and Ralf Shumacher. And on this track, a lot of Formula One drivers, including the above mentioned have spent some of their best moments of their racing careers. This track has seen best of the best cars, ranging from the Ferrari and Lamborghini’s of the world. These drivers along with everyone else around the world who can relate to car racing, are all hoping that some solution can be worked out and the track gets back to being fully functional soon.
