German Automobile Club ADAC Submits Bid To Buy Bankrupt Nürburgring Racetrack
German automobile club ADAC "is considering buying the bankrupt Nürburgring racetrack," according to Christoph Ruhkamp of the FRANKFURTER ALLGEMEINE ZEITUNG. Sources said that the ADAC "submitted a non-committal offer last week." The focus of the organization "is the racetrack itself, and not any of its other parts such as the roller coaster or the shopping mile." The ADAC "acted without any other partners from the auto industry." Experts said that "based on an assessment, the possible purchase price could be around" €100M ($135M). The number means that "even in a best-case scenario, the State of Rhineland-Palatinate would only get a fraction of the around €400M of taxpayer money it invested in the Nürburgring back." However, after the racetrack "was able to get rid of its debt during the insolvency proceedings," administrators Lieser and Schmidt announced a revenue of €55M-€60M ($74M-$81M) for this year "as well as a positive operating result" (FAZ, 11/11).