Report Claims Buyout Group HIG Poised To Buy Germany's Historic Nürburgring
An investor group led by buyout firm HIG Capital "is poised to buy the financially troubled Nürburgring race track," according to Alexander Hübner of REUTERS. The consortium HIG "has already registered the acquisition of substantial parts of Nürburgring's assets with the German competition authority," the Federal Cartel Authority said on its website. According to weekly publication Wirtschaftswoche, HIG is paying no more than €60M-€70M ($82M-$96M) for Nürburgring. HIG Capital "declined to comment on the purchase." HIG "outmanoeuvred" F1 CEO Bernie Ecclestone, who "had also submitted an offer for the circuit," which at 20km is the world's longest race track but has not hosted a Grand Prix since Niki Lauda crashed there in '76 (REUTERS, 3/5).