ZPOST
BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read


Go Back   ZPOST > BMW Z4 Roadster and Coupe > General BMW Z4 Forum
  TireRack

SUPPORT ZPOST BY DOING YOUR TIRERACK SHOPPING FROM THIS BANNER, THANKS!
Post Reply
 
Thread Tools Search this Thread
      07-22-2012, 10:48 AM   #1
Rustycat
Private First Class
17
Rep
141
Posts

Drives: z4mc
Join Date: Jun 2009
Location: usa

iTrader: (0)

Das Ring in trouble

Found this interesting tidbit over on Zerohedge:
With millions of euros in debts and an inability to pay back its loans, the operator of Germany's fabled Nürburgring racetrack, home to many of the country's Formula One races, could declare bankruptcy next week. It may be the end of the legendary racecourse, which first opened in 1927.





Formula One racing is in the blood of many Germans. The country is home to such car racing legends as Michael and Ralf Shumacher and Sebastian Vettel. And every two years, tens of thousands of Germans descend on the world-famous Nürburgring motorsports complex in the village of Nürburg for Formula One races.



But the days at the fabled track may soon be coming to and end. On Wednesday, the state of Rhineland-Palatinate, which owns the race track, said it would ask the operating company to file for insolvency, and bankruptcy proceedings could begin as early as next week.



The state's governor, Kurt Beck, is blaming the European Commission for not approving a €13-million ($16-million) state aid package in time for a July 31 payment deadline. The consequence, Beck said, "is a very high probability of an insolvency at the end of the month because of insufficient liquidity." After that, orderly bankruptcy proceedings would follow, he said. The state aid envisioned for the track would require EU approval.



Beck said the European Commission, the European Union's executive body, had sent positive signals in recent days that it might approve the aid, but it has now apparently delayed a decision. In recent years, the EU has sought to put a halt to years of giving millions in state aid for the failing race track complex.



...



Nürburgring is famous in Germany not only as a site that hosts Germany's Formula One races, but also as the location of the massive Rock am Ring music festival, which draws thousands of spectators to see headline music acts every spring.



Since 2007, Formula One races in Germany have alternated biannually between Nürburgring and the Hockenheimring track in the neighboring southern German state of Baden-Württemberg. The planned 2013 race is currently jeopardized by the dispute between Rhineland-Palatinate and the racetrack's operating company.



Nürburgring is one of the world's most famous race tracks. The 25-kilometer long course first opened in 1927. A new track was built in 1984 to accommodate Formula One racing. But in recent years, the future of the massively expensive Formula One race at the site has been in doubt. The state of Rhineland-Palatinate has threatened to reduce the level of subsidies it provides. The June conviction of former banker Gerhard Gribkowsky, who admitted he had accepted $44 million in bribes from Formula One boss Bernie Ecclestone, has also created uncertainty. For weeks now, speculation has been rife that Eccelstone could face corruption charges in Germany
Appreciate 0
      07-22-2012, 01:37 PM   #2
ZStig
instagram 997turbotom
279
Rep
7,376
Posts

Drives: Interlagos Z4MR
Join Date: Jun 2008
Location: Delray Beach, FL

iTrader: (4)

I'm sure it won't just shut down forever
__________________
Appreciate 0
      07-22-2012, 04:23 PM   #3
NYZ4
Private First Class
NYZ4's Avatar
United_States
16
Rep
141
Posts

Drives: 2007 BSM BMW Z4
Join Date: Sep 2011
Location: NY

iTrader: (0)

Hopefully some ppl with money will jump in and rescue it!
__________________
2007 BMW Z4 3.0i. Supersprint powerloop exhaust and center pipe, Aero bumper (w/ clear bra) and side skirts, Avant Garde 19 inch M310's, Koni shocks, Eibach springs, Tekarbon carbon fiber side mirrors.
Appreciate 0
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 12:29 AM.




zpost
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST