Mar 12, 2014, 7:48 PM EDT
The future of Germany’s iconic Nurburgring race track has apparently gone from cloudy at best to very sunny.
According to MotorAuthority.com, the track has been sold to German automotive manufacturer Capricorn, thus saving the legendary 16-turn, 5.148 kilometer/3.199 mile from potentially going out of business or even being scrapped and having its massive land area developed.
Track officials had declared the facility insolvent in 2012, but it continued to operate and host major events including Formula One’s German Grand Prix.
Capricorn is no stranger to the facility, according to Spiegel Online, with approximately 100 of its 350 total employees working in a factory on the grounds to produce pistons, camshafts, crankshafts and a variety of other engine parts.
Now that it owns the track, Capricorn is expected to further expand its production footprint, including a new technology center being planned.
Nicknamed “Green Hell” by F1 great Jackie Stewart, Nurburgring’s sale must still be approved by European Union regulators, but that would appear to be a mere formality, given the track had few other suitors to rescue it from its nearly two-year-old insolvency.
F1 president Bernie Ecclestone had made an offer for the track in mid-January, but Capricorn’s offer was reportedly significantly larger.
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