The future of the financially troubled EuroSpeedway Lausitz, the combined
road and oval racetrack in eastern Germany, has been assured until 2008 at
least, thanks to a management buy-out of its lease
source:
speedtv.com
The circuit had been insolvent since June 2002, when the banks that funded
the track couldn't agree on its financial structure. It hosted a round of the
CART Champ Car World Series last year, but the event was not on CART's schedule
of 2004 races announced last month, and speculation had been rampant that the
track would have to cease operations. However, longtime circuit boss Hans-Jorg
Fischer has now reached a deal with his finance chief Matthias Tomasetti to
lease the track for the next five years.
For this period, the state of Brandenburg - which took a major role in the
development of the venue -- will support the operation of the track with an
investment of 2.5m Euros. Fischer and Tomasetti will each hold 50 percent of the
shares in the company that owns the lease.
"We firmly believe in the potential of this still young motorsport and event
facility," said Fischer. "We will fight hard for its positive development and
establishment in the years to come, together with the people living in the
region and important partners, such as the ADAC Berlin-Brandenburg."
Tomasetti said, "Mr Fischer and myself are prepared to take over an
entrepreneurial commitment for EuroSpeedway Lausitz. We are glad that we have
convinced the State of Brandenburg of the facility's potentials to that effect
that they have decided to make a significant financial contribution to the
stabilization and development in the years to come."
Ulrich Junghanns, Brandenburg's minister for economy, said, "The lease agreement
gives the ring and the region the required secure planning and offers the
appropriate framework for a sale in the years to come."