• The Nurburgring is officially bankrupt - Track in danger of being shutdown without investment, EU to not help

                    
      		   
      Published on 07-17-2012 07:59 PM
      1 Comment Comments
      This is a tragedy. And no, we are not using that term loosely as the Nurburgring is arguably the most famous roadcourse in the world. A quick Nurburgring laptime gets respect from the everyone in the automotive world and is a source of pride as well as competition. The problem is a 524 million Euro injection by the state for amusement parks and hotels to develop the ring as a tourist destination has not paid off.

      The interest on the loan can not be paid off and it will take at the least 13 million Euros to keep the Nurburgring afloat. How money management this poor took place we have no clue. What we do know is the EU will not be bailing the track out. The thought of losing the ring is almost unfathomable but that is the potential reality at the moment. The track will be open through 2012 as the court and bankruptcy process proceeds.



      This article was originally published in forum thread: The Nurburgring is officially bankrupt - Track in danger of being shutdown without investment, EU to not help started by Sticky View original post
      Comments 15 Comments
      1. LostMarine's Avatar
        LostMarine - 07-17-2012, 08:08 PM
        someone will pony up and buy it.
      1. KB's Avatar
        KB - 07-17-2012, 08:16 PM
        Wow....although I am glad to see governments not bailing out failing businesses. A refreshing change to say the least.
      1. s62's Avatar
        s62 - 07-17-2012, 08:25 PM
        The Nurburgring is not about to close down.

        A company may be going under but the show will go on.
      1. Sticky's Avatar
        Sticky - 07-17-2012, 08:25 PM
        Click here to enlarge Originally Posted by LostMarine Click here to enlarge
        someone will pony up and buy it.
        I don't think there is any way they can just let the world's most famous roadcourse disappear.
      1. KB's Avatar
        KB - 07-17-2012, 08:33 PM
        Click here to enlarge Originally Posted by Sticky Click here to enlarge
        I don't think there is any way they can just let the world's most famous roadcourse disappear.
        Maybe the auto makers could bail someone out for a change?
      1. s62's Avatar
        s62 - 07-17-2012, 08:40 PM
        Some info: http://mikefrison.com/1666
      1. Sticky's Avatar
        Sticky - 07-17-2012, 08:42 PM
        Click here to enlarge Originally Posted by KB Click here to enlarge
        Maybe the auto makers could bail someone out for a change?
        That would be refreshing.

        Would like to see BMW, Mercedes, Porsche, Audi, etc., all get together and make this happen.
      1. Q4P's Avatar
        Q4P - 07-17-2012, 08:42 PM
        sad sad sad
      1. KB's Avatar
        KB - 07-17-2012, 08:51 PM
        Click here to enlarge Originally Posted by Sticky Click here to enlarge
        That would be refreshing.

        Would like to see BMW, Mercedes, Porsche, Audi, etc., all get together and make this happen.
        They should seeing that ring times are the main advertisement for all auto makers sports cars, American included.
      1. Sticky's Avatar
        Sticky - 07-17-2012, 08:54 PM
        Click here to enlarge Originally Posted by KB Click here to enlarge
        They should seeing that ring times are the main advertisement for all auto makers sports cars, American included.
        Porsche just bought the Nardo ring so I guess it is possible.
      1. Remonster's Avatar
        Remonster - 07-17-2012, 10:39 PM
        For those of you who don't know how they $#@!ed up this bad, basically they built a theme park and hotels and stuff using data that showed a certain number of people came to the Nürburgring each year. The problem is, that data was bull$#@! because the previous owner of the Nürburgring was using it to launder money. For example, if 10,000 people attended a race and each paid $10 (pulling numbers out of the air) instead of showing $100,000, they would pretend like 40,000 people showed up and would be able to launder $300,000 of illicit funds through the ring.

        So basically, they thought a ton of people were visiting the ring so they built a huge park, hotels, etc. but there aren't enough people who visit these attractions for them to even break even. That's why the place is bleeding money.
      1. singletrack's Avatar
        singletrack - 07-18-2012, 03:10 PM
        Crazy.
      1. Nine's Avatar
        Nine - 07-18-2012, 03:13 PM
        I bet I could make them money.
      1. Sorena's Avatar
        Sorena - 07-18-2012, 03:22 PM
        Click here to enlarge Originally Posted by Nine Click here to enlarge
        I bet I could make them money.
        By turning the place into a kalleh pazi and serving kalleh pacheh there? lol Click here to enlarge
        Click here to enlarge Originally Posted by Remonster Click here to enlarge
        For those of you who don't know how they $#@!ed up this bad, basically they built a theme park and hotels and stuff using data that showed a certain number of people came to the Nürburgring each year. The problem is, that data was bull$#@! because the previous owner of the Nürburgring was using it to launder money. For example, if 10,000 people attended a race and each paid $10 (pulling numbers out of the air) instead of showing $100,000, they would pretend like 40,000 people showed up and would be able to launder $300,000 of illicit funds through the ring.

        So basically, they thought a ton of people were visiting the ring so they built a huge park, hotels, etc. but there aren't enough people who visit these attractions for them to even break even. That's why the place is bleeding money.
        I've heard that too.
      1. Sticky's Avatar
        Sticky - 07-18-2012, 08:32 PM
        Click here to enlarge Originally Posted by Remonster Click here to enlarge
        For those of you who don't know how they $#@!ed up this bad, basically they built a theme park and hotels and stuff using data that showed a certain number of people came to the Nürburgring each year. The problem is, that data was bull$#@! because the previous owner of the Nürburgring was using it to launder money. For example, if 10,000 people attended a race and each paid $10 (pulling numbers out of the air) instead of showing $100,000, they would pretend like 40,000 people showed up and would be able to launder $300,000 of illicit funds through the ring.

        So basically, they thought a ton of people were visiting the ring so they built a huge park, hotels, etc. but there aren't enough people who visit these attractions for them to even break even. That's why the place is bleeding money.
        Huge mess...