NURBURGRING SOLD (AGAIN)

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https://www.pistonheads.com/news/def...?storyId=31104

Friday 31st October

NURBURGRING SOLD (AGAIN)

The Nurburgring seemingly has a new owner, as Russian billionaire Viktor Kharitonin has reportedly swooped into the void left by a struggling Capricorn. So says respected German business weekly Wirtschafts Woche.

The state of Capricorn's finances have been a big question ever since the first day they were named owners incumbent by the state government. Recently it was widely reported that Capricorn boss Robertino Wild was in financial dire straits, with accusations of his property and art collection being mortgaged twice over.

Just to recap, Capricorn and Getspeed were in a partnership to buy the 'ring for a deal worth around 77m euros. Capricorn being the senior, two-thirds, partner in the agreement. It's this senior part of the deal that Kharitonin is understood to have bought into.

The first part payment of 5m euros was paid earlier in the year by the junior partner, Getspeed. But with more payments deadlined for tomorrow and December, and Getspeed being visited by state Bailiffs last month, it seemed like only a miracle could save the controversial deal controversial deal. But as Wirtschafts Woche reports in the article linked above, Kharitonin has made the payments due both this month and in December.

In the very short-term sense, this news comes as a relief, because in the worst-case scenario, the Nurburgring might have closed with immediate effect had Capricorn or Getspeed not made the next payment. The state had already made noises to say it wasn't going to pay the day-to-day running costs of the 'ring or the wages of its staff. Most locals and regulars find it hard to believe that this could be good for the 'ring in the long-term though.

"It's the worst case come true," says Mike Frison, long-time Nurburgring fan and the campaigner behind the Save The Ring movement. "So many times the administrators and politicians kept saying that the 'ring would be taken care of. That it would never fall into the hands of some Russian oligarch. Never trust a politician. Q.E.D. For me it's so sad to be right again."

It's Kharitonin's firm NH Holding that has taken control of Capricorn's stake, and therefore the whole Nurburgring. Kharitonin made his personal fortune alongside more well-known countrymen Roman Abramovich and Evgeny Shvidler in Pharmstandard. His petrolhead habit is largely unreported, but he does appear in the entry list for the Mille Miglia. In nothing less than a 1935 Mercedes-Benz 500K.

Considering he apparently just spent around over £30m on a couple of flats in London, it might not be surprising that he just bought control of, arguably, the world's greatest race track for a few million more...


[Sources: Wirtschafts Woche, Bild.de, Forbes, 1000Miglia.it, BusinessInsider]