It was only a few months ago that a German automotive engineering concern snatched the Ring out of the jaws of an American investment firm. Now a Russian billionaire has swooped in, reports German business magazine Wirtschats Woche, to save the racetrack from the floundering Capricorn Group.
As we reported back in March, the famous German track sold for roughly $173 million, of which Capricorn was a major stakeholder. Capricorn couldn't meet their obligations, according to the report, and Capricorn's majority share in the racetrack has been sold to Russian billionaire Viktor Kharitonin.
According to a , Kharitonin made his billions from a pharmaceutical company called Pharmstandard in partnership with the more famous billionaire Roman Abramovich. He's allegedly worth more than $1 billion personally.
Operations at the Nurburgring were not disrupted by the sale and continue as before.