"Nürburgring To Close Its Gates"

[serie1926]

http://www.bimmerfile.com/2012/07/18...ose-its-gates/

[Nine17]

€413M in debt on a property worth €126M.

Oh my gosh golly, where did all the money go?

[Bullethead]

The money went for graft and corruption. What actually happened is the company that controlled the track borrowed huge sums to develop it with a mall, motorsports "resort" hotels and amusement park never performed... and pocketed a pile of Euros. They wanted even more cash but a public bail-out was denied amidst growing discomfort with the financial shenanigans of these guys. Some of the government officials and the slimeball "developers" involved are under investigation... hopefully there will be prosecutions for fraud and malfeasance. The scheme really screwed the local businesses but ultimately the local mom & pop stores, restaurants and hotels will be much better off. Proper management of the facility will return soon enough, it's vital to the regional economy. Besides, the Germans are well aware their motorsports icon has more than historic importance.

[SRL]

Seems pretty simple that Porsche, Mercedes Benz, Audi, BMW, and VW, etc. should pony up some of their umpteen billions in profits and make sure the 'Ring is around forever. Most of them feature it in their advertising heavily, so they should put their money where their mouths are. Hell, even Cadillac features it in their ads now.

[Mr9146]

Heroes get remembered, but legends never die.

One Ring to rule them all...

[curtisaa]

Heroes get remembered, but legends never die.

One Ring to rule them all...

...by Obi Wan Kenobi

[Bullethead]

Latest news... Nürburgring GmbH gets a loan to service their debt... bailout after all.

http://www.dw.de/dw/article/0,,16136416,00.html

[nickd]

now that's a good reason for a bailout ......