The legendary Nürburgring, purveyor of records an dreams, is dead. Well, it’s clinically dead, but it might be brought back to life. What else would you do with a 16 mile road that goes nowhere in the middle of nowhere? The Ring is bankrupt. Out of money. Can’t pay its bills. Broke. Bust. Pleite.
It’s not that the owner of the race track is poor. The Nürburgring is 90 percent owned by its state Rhineland-Palatinate, the remaining 10 are held by the county. The managing company Nuerburgring GmbH ”ran into financial trouble amid a dispute with the track’s operator over leasing fees,” says Reuters. Managing company Nürburgring GmbH has been in arrears in the rent since February, and has canceled the contract.
The state wanted to rescue the Ring with a bridge financing package worth €13 million. However, as we have learned before, such largesse requires EU approval, and none was coming. No wonder: Brussels is looking into €524 million of tax payer money which so far was dumped into the race track and a new theme park.
The matter is seen as political show business in Germany. State premier Kurt Beck blames Europe’s favorite whipping boy, Brussels. Beck’s opposition demands his resignation. There will be races and rock concerts on the Ring. How, will be decided after the court in Bad Neuenahr-Ahrweiler has looked into the matter. By today, it had not even received the paperwork.