The renowned former Formula 1 track in Hockenheim is perhaps on the verge of bringing back the dormant German GP, thanks to recent developments.
Private investors have acquired a significant 75 percent stake in the circuit from the city of Hockenheim, fostering optimism that the new proprietors might possess the financial backing required to bring Formula 1 racing back to Germany.
According to DPA news agency, the purchasers are "five medium-sized companies," in a transaction that received unanimous support from the Hockenheim city council.
Officials from the Emodrom Group in Hockenheim disclosed the acquisition price as approximately EUR 5.5 million, while noting that the new ownership will also assume about EUR 20 million in existing debts.
Emodrom has unveiled plans to pour up to 250 million euros into the Hockenheimring over the coming five to ten years. The ambitious project includes building a hotel and creating 300 new job opportunities. Construction for one phase of the project, dubbed 'Motorworld,' is targeted to commence in late 2025.
"As the management of Hockenheimring GmbH recently emphasized, everyone in charge at the Hockenheimring is striving for the return of Formula 1," the firm announced. body check tags ::
