March 6, 2014
F1 boss Ecclestone was in running to purchase the fabled ‘Green Hell’
Over the last few years, the Nurburgring has become the battle ground and test facility of many automakers. However, thanks to mismanagement and an overzealous executive team, the fabled track was losing money hand over fist.
Last night, Reuters reported the German track had been purchased by U.S. private equity firm HIG Capital. This after Bernie Ecclestone, head honcho for Formula 1, had also put in a bid on the track.
HIG Capital’s winning bid is estimated to be somewhere between 60 to 70 million euros ($91 to $106 million CAD).
HIG Capital has an asset total of $13 billion USD.