Nurburgring Sold to German Auto Parts Company

Germany's famed Nurburgring racing circuit has been acquired by Capricorn Group, an auto supplier in Dusseldorf, for about €125 million, according to Bloomberg News.

The facility had been owned by the German state of Rhineland-Palatinate through Nurburgring GmbH. The latter company filed for bankruptcy in July 2012 after reportedly amassing €413 million in debt.

The facilities financial woes were caused primarily by the failure of an elaborate leisure development opened on the 379-hectar site in 2009. The complex includes restaurants, two hotels and a roller coaster, mall, casino and concert venue.

The 21-kilometer-long Nurburgring has hosted dozens of Formula One races since it was built in 1927. The track also is heavily used by carmakers to test their most powerful cars. The facility also allows private owners to drive on the circuit.