HIG Capital loses Nürburgring race

This puts paid to HIG Capital's offer of €60-70m understood to have been placed last week. The private equity firm had already registered its proposed acquisition with the German Federal Cartel Office and was said to be making the deal in partnership with British investment banker Meyrick Cox and German entrepreneur Markus Graf von Oeynhausen-Sierstorpff, owner of the private Bilster Berg racetrack.

Trustee Jens Lieser, who was involved in selling the Nürburgring, said at a press conference that the deal from Capricorn included a pledge to invest around €25m to expand the facilities around the Nürburgring, adding that the tender was the highest of two under consideration and offered the best outlook for the region's development.

As part of the deal, Germany-based Capricorn will have to wait until 1 January 2015 to realise its plans to develop the Nürburgring as a technology centre, in order to allow 2014's racing calendar to continue as planned.

Capricorn was founded more than 30 years ago and focuses on innovative activities in the fields of automotive, technology and real estate development.

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