Russian Billionaire Acquires 99% Stake in the Nurburgring

Motorsport fans rejoice! The Nurburgring motorsport complex now lands in the hands of Russian billionaire Viktor Kharitonin with the purchase process completed recently, acquiring 99 per cent stake in the legend of the tarmac world. The track's financial troubles weren't exactly hidden and there were other offers made in the past to purchase the legendary track including one from Formula One chief Bernie Ecclestone.

Viktor Kharitonin, the co-founder of the pharmaceutical company Pharmstandard already owned 80 per cent of the track and the recent purchase pushes his stake to a complete 99 per cent. It was believed that Dusseldorf-based Capricorn Development was to take ownership, but the company could not make its payments, which gave Kharitonin the opportunity to get complete control of the track. The remaining 1 per cent stake continues to remain with partner Getspeed Performance.

It is said that Kharitonin paid $43 million for the legendary Nurburgring, making his total cost of acquisition a whopping $87 million (approx. Rs. 580 crore). The Nurburgring's financial troubles were cited as one of the main reasons as to why Formula One dropped the circuit of its calnder in 2015. The track isn't on the cards for the current season either. However, Kharitonin is said to be in negotiations with Bernie on bringing back the track for 2017. Fingers crossed? You bet!

Also regarded as the Green Hell, the Nurburging located in Germany has a 1.50 lakh spectator capacity with a history that dates back to the 1920s. The track is known for its expansive stretches, sharp corners and iconic turns, the Carousel for instance. Originally, the track was 28.26 km long, but the modern day track with extensive changes has its length restricted to 25.94 km for the combined stretch.