Russian billionaire Viktor Kharitonin has purchased two-thirds of the Nurburgring race track, which fell into bankruptcy in 2012.
Bloomberg reports that the chairman of Russian pharmaceutical company Pharmstandard has purchased a majority share in the famed German track. A spokesman for the track’s administrators told the news service that Kharitonin had bought a two-thirds stake in the circuit, which winds its way through the Eifel mountains in western Germany.
It’s unknown how much Kharitonin paid for the automotive icon, nor is it clear whether he has purchased the entire 379 hectare property or just select components such as the 21 kilometre Nordschleife (north loop) and five kilometre Grand Prix circuit.
In March this year, local car parts maker Capricorn Automotive agreed to purchase the financially stricken track for around 77 million euros ($110 million), as well as around 25 million euros ($36 million) which was to be invested in development and infrastructure.
According to Wirtshafts Woche (Economics Weekly), Capricorn’s purchase fell through when it was unable to meet its second payment on the track. The German newspaper believes that Kharitonin has already paid the outstanding second and upcoming third instalments owing for the property.
Reports indicate that any deal requires the buyer to open the track to both the public, as well as automakers, who have grown increasingly fond of testing upcoming vehicles over the Nordschleife’s 73 corners.
The Nurburgring ran into financial problems when a hotel, shopping mall and theme park, which were all added to the site in the latter part of last decade, failed to attract the anticipated number of visitors. The track was declared bankrupt in 2012 and put up for sale in 2013.