Image by Nürburgring.de
It seems the future of the famous Nurburgring, site of the German grand prix (alternating every year with Hockenheimring), continues to roller coaster up and down. First it appeared that all hope was lost when the European Commission failed to approve a €13M state aid package to make a July 31 payment deadline for the track’s loan. Then, state-owner Rhine-Palatinate, which asked the track’s operating company to declare bankruptcy shortly the missed deadline, came to the rescue in the 11th hour with a new loan that would cover the bulk of the original €330M loan. The €254M pledged by the state would service the loan and keep the interest from running out of control, which costs the state €47,000 each day the original loan isn’t paid down.