Just when we thought American investor group HIG Capital had it in the bag, German auto parts company Capricorn Group swooped in and won the bid for the famed Nürburgring. The company secured ownership of the 13-mile Nürburgring and all its 170 turns by paying more than 100 million euros (about $138.6 million) for the track.
The Capricorn Group is a medium-sized business that specializes in automotive and aviation products and services, and it's become very familiar with the Nürburgring over the years. The company opened a production plant near the 'Ring in 2002, and its managing directors have always had a passion for the famed track. With that, Capricorn Group has invested 25 million euros ($34.7 million) of the 100 million it initially paid to expand the track into an "Automotive Technology Cluster." The Automotive Technology Cluster will focus on automotive technology and innovation with "the formation of networks with universities and colleges and leading companies in the automotive sector," while also helping spur economic development by creating several new jobs in the area.
With the expansion will come structural changes, one of which includes knocking down the Formula 1-themed rollercoaster. The Eifeldorf Grune Holle hotel won't be around for much longer either, as the company has planned to make it the future site of the Automotive Technology Cluster. Capricorn Group will take full ownership of the 'Ring in January 2015, but until then, the track will continue with its regular racing, events, and hotel operations.