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BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > General Automotive (non-BMW) Talk + Photos/Videos > Nürburgring bankrupt - might be closed next season...



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      07-19-2012, 11:04 AM   #89
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I clicked on the link, but there was no "add to cart" or "buy it now" option...

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      07-19-2012, 11:13 AM   #90
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Larry Ellison should buy it
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      07-19-2012, 11:32 AM   #91
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They just spent way too much money into the Shopping Center and other fancy stuff. I guess they never realized that people go there to run laps and not shop around.

I'll be there this Sunday running some laps. PM me if anyone is planning the same...
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      07-19-2012, 11:35 AM   #92
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Quote:
Originally Posted by roastbeef
bmw should buy the whole ring and lease out testing garages for other manufacturers.
BMW should buy the ring and be selfish and keep it to themselves for testing.
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      07-19-2012, 11:41 AM   #93
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I find it unlikely that it would be closed in the long term. Private investors or manufacturers will buy the assets and would most likely keep the track open - seems like there is more than enough demand from tourist days, races and mfg testing to support maintenance of the track and facilities.

Still a sad story and a complete mess that will take time to sort out. Too bad this is coming at a time when ED for M cars is effectively filled up for the rest of the year.
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      07-19-2012, 11:42 AM   #94
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It might be for the best if it allows someone to separate the track operation from the idiotic real estate development project that caused the problem. The track operation will likely go on.
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      07-19-2012, 11:54 AM   #95
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Quote:
Originally Posted by luis_m3 View Post
They just spent way too much money into the Shopping Center and other fancy stuff. I guess they never realized that people go there to run laps and not shop around.

I'll be there this Sunday running some laps. PM me if anyone is planning the same...
It was the most overrated thing I've ever been to. The outside was no doubt impressive, but they really went way overboard with everything inside.

Maybe this is for the best anyway.
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      07-19-2012, 12:34 PM   #96
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I think Top Gear should buy it!!
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      07-19-2012, 12:54 PM   #97
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      07-19-2012, 05:36 PM   #98
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Quote:
Originally Posted by Darth One View Post
i think my reaction to this news can be summed up in one word:


FUUUUUUUUCKKKK!!!
My thoughts exactly!
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      07-19-2012, 10:31 PM   #99
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Quote:
Originally Posted by EmmDrei View Post
Sorry, but you don't know anything about the ring and not much more about professional racing. Period. ... The state should have 100% of the assets as collateral.
Great points. Not knowing the EU structure, I find it interesting that the (same provincial) government that owns the LLC will have to go through this type of process to reacquire the assets to 'fix' the problem. Your explanation that the government will continue to own 100% of the rings assets makes a lot of sense - even if the process is heavily bureaucratic (which in turn is much like many of the processes here in the states).

Quote:
Originally Posted by Dackelone View Post
EmmDrei - that was an excellent explanation.
We really need more of the Nürburgring Nordschleife and less of NüroDisney!
Show your support here ---> http://www.facebook.com/SaveTheRing
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Thanks for the thread merge... (sorry about that)
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      07-20-2012, 12:58 AM   #100
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Quote:
Originally Posted by EmmDrei View Post
Longboarder: Like I said... it's all rather complicated.

I'll try a short, simplified version... the bank that financed the "theme park development project" is owned by the state of "Rheinland Pfalz". 90% of the company that has been declared insolvent and that actually owns the ring and all the theme park stuff is owned by the state also (the other 10% are owned by the local municipality). So there is no real "outside funding". Thus little risk, that the assets could be jeopardized in the sense of "being sold off to some private investor that now buys the bancrupt company".

The state government had originally promised, that the taxpayer would not have to pay for the construction, but that it would be 100% privately funded. The private investors never showed up or vanished and so the states own bank provided the funding.

Bankruptcy is really a relative term in this case. A government owned limited liability company cannot pay the government owned investment bank. Normally the government could just decide to i.e. postpone repayments. The EU however doesn't like that idea. Thus the limited liability company has to declare insolvency. The state should have 100% of the assets as collateral.
Thanks for the explanation. Yes very different from a private financing structure so I see how they got themselves in this mess.

I do a lot of work for one of the largest German real estate companies (Hypo) so while Germany is in the best shape of its European counterparts, it's real estate market has tanked just like everyone else's.

Hopefully the parties involved see the value in continuity of activity at the Ring and leave disruptions at a minimum, while they try to figure out what to do with the theme park development project.
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      07-20-2012, 01:52 AM   #101
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save the ring this would b ae tragedie if it was shut down
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      07-20-2012, 07:26 AM   #102
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Quote:
Originally Posted by luis_m3 View Post
I'll be there this Sunday running some laps. PM me if anyone is planning the same...
Can you do enough laps to save the ring?
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      07-20-2012, 09:23 AM   #103
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Quote:
Originally Posted by ///Mandy View Post
Can you do enough laps to save the ring?
It would cost me a fortune... the ring is incredibly expensive!
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      07-21-2012, 11:21 PM   #104
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Quote:
Originally Posted by THE TECH
Quote:
Originally Posted by GTM_Challenge View Post
Really hope something can happen to save this track. Its a legendary track in racing. Even worse, its on my bucket list. I hope to still be able to mark it off one day still.
+1
Sadness. My bucket list is dwindling too
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      07-22-2012, 03:28 AM   #105
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Here´s a very interesting and sad Doku about the Ring... Take a look at the M-Flight Licence Plate 3:04









so sad...
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      07-23-2012, 07:53 AM   #106
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I highly recommend for everyone to watch Comar1979 's above video(s). It really explains this whole Nüro-Disney mess! Very interesting about the Space Camp up in Hamburg and the same guy was involved in that fiasco! Such a shame.
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      07-23-2012, 01:20 PM   #107
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Fantastic find Marco....thanks.

Sitting over here in Texas at a public library as the fate of this historical track is being decided on....I hope there is someone out there that loves racing heritage and has the €€€ to save this national and really an international treasure...

Save the ring!
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      07-23-2012, 03:00 PM   #108
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Alot of people had doubts about the whole thing and the RP Minister, Beck, pushed ahead. The former finance minister stepped down when it was found out that something was wrong with the whole thing. I think there are people in the government chain that are involved but once the full investigation and charges comes out ALOT of heads will roll.
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      01-18-2013, 06:50 AM   #109
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The first head has rolled in the Nüro-Disney affair...

Kurt Beck (the German Government guy who got Nüro-Disney the 430M euros from the Government loans that can not be repayed!) is now out of a job!!!


http://mikefrison.com/1927
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