German State Rhineland-Palatinate Gives $312M To Help Bankrupt Nurburgring Racetrack
The German state of Rhineland-Palatinate "is releasing €254M ($312M) to guarantee a loan for the financially troubled Nurburgring circuit," according to the AP. The state legislature's budget committee approved the move Wednesday, so the Nurburgring "can service" a €330M ($400M) loan and "stay afloat." The racetrack, which has hosted F1's German Grand Prix every other year, "launched insolvency proceedings last week" (AP, 8/2). SPIEGEL ONLINE reported that the state legislature "has to hurry up in activating its reserves, if they want to keep the arising interest fees as low as possible." According to the government's finance department "every day, on which the state cannot pay off the credit, has a price tag" of €47,000 ($57,000) (SPIEGEL ONLINE, 8/1).