The German state of Rhineland-Palatinate said today that the owner of the Nurburgring race track will be filing for bankruptcy. The blame for the move goes to the European Commission, which apparently took too long to approve a rescue package.
The Nurburgring is 90 percent owned by the state and recently fell into financial trouble due to a dispute with the track’s operator over leasing fees.
While Rhineland-Palatinate tried to restructure the company with the help of a bridge financing package, at the end of last week, the Commission indicated a not so positive reaction on the application for aid.
Of course, as any auto enthusiast knows the track is used by many automakers to test cars.
- By: Omar Rana