The famed Nurburgring race track may not be hosting a Formula One race anytime soon but it will have a new owner shortly – and that new owner is expected to be Miami-based private equity buyout company HIG Capital. HIG Capital has reportedly outbid F1 chief Bernie Ecclestone for the track and will pay no more than $97 million for the racing complex which also includes an amusement park.
The Nurburgring remains the world’s longest race track but has not hosted a Formula One race since 1976 when Austrian driver Niki Lauda famously crashed there. A modern-day Formula One track version was built adjacent to the original track and that began hosting F1 races in 1984 but the annual German Grand Prix is more typically held in Hockenheim.
The 2014 Formula One season opens with the Australian Grand Prix on March 16, 2014.