Hi, Ho, The Ring Is Dead
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.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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The risk of a German bailout of a financially an entity that is broke and unable to pay its bills being blocked by the EU as "largesse." Anyone else smirk to themselves?
Killed by publicity. It did just fine when it was a couple of crooked German back roads strung together into a few loops. When it became an internet celebrity and moneymaking venture, down the tubes.
Damn, Nürburgring times and panel gap measurements were critical car buying decisions for me.
Hmmmm. Isn't there a major international race meet scheduled there for, like, right now? I wonder how much the management of the competition track and the excursion track are mingled? (And yes, I know the Nordschleife still hosts organized racing events. At this point, it's more amusement park than serious racing facility) Seems like a particularly inopportune time to go bankrupt. Or a particularly carefully timed one.