From GMM
The Nurburgring's sale has hit a fork in the road.
In March, the financially embattled German grand prix host was bought for a reported EUR 77 million by a Dusseldorf based automotive group called Capricorn.
Capricorn has since been successfully negotiating with Bernie Ecclestone about a new long-term race contract.
But Rhein Zeitung newspaper has now claimed that Capricorn has not paid the second due instalment to the Rhineland-Palatinate state.
Citing sources, the report said the amount of 5 million euros became due on July 31. To date, Capricorn has only paid one instalment in the same amount.
"It is assumed that Capricorn's financing from banks has come to a standstill because the European Commission has postponed several times the decision on the legality of the sale," Rhein Zeitung reported.
A spokesman for the financial recovery experts in charge of the Nurburgring insolvency said: "We have a timescale shift for the second purchase instalment.
"We still expect the sale to go ahead," he is quoted by Speed Week .
And Capricorn chief Robertino Wild told Auto Bild it is "untrue" the payment delay is in fact due to the company's own financial problems.
"This is a completely normal process. The operation of the business is going very well," he added.
The Nurburgring's sale has hit a fork in the road.
In March, the financially embattled German grand prix host was bought for a reported EUR 77 million by a Dusseldorf based automotive group called Capricorn.
Capricorn has since been successfully negotiating with Bernie Ecclestone about a new long-term race contract.
But Rhein Zeitung newspaper has now claimed that Capricorn has not paid the second due instalment to the Rhineland-Palatinate state.
Citing sources, the report said the amount of 5 million euros became due on July 31. To date, Capricorn has only paid one instalment in the same amount.
"It is assumed that Capricorn's financing from banks has come to a standstill because the European Commission has postponed several times the decision on the legality of the sale," Rhein Zeitung reported.
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| Race start at the Nürburgring (Photo: WRI2) |
A spokesman for the financial recovery experts in charge of the Nurburgring insolvency said: "We have a timescale shift for the second purchase instalment.
"We still expect the sale to go ahead," he is quoted by Speed Week .
And Capricorn chief Robertino Wild told Auto Bild it is "untrue" the payment delay is in fact due to the company's own financial problems.
"This is a completely normal process. The operation of the business is going very well," he added.