New investors bought a controlling stake in the German Hockenheimring for 5.5 million. euros.
Schwetzinger Zeitung reports that the city of Hockenheim and the owners of the autodrome, Badischer Motorsportclub, have transferred 74.99 percent. of shares to the investment holding “Emodrom Group”, which consists of new investors.
The city of Hockenheim itself retained its share of shares – 25.01 percent. autodrome shares and the right to participate in the management of the Hockenheimring in making important decisions.
The name of Hockenheim itself will not be changed for the time being: the city and the autodrome signed an 8-year cooperation contract with the right to extend it for another eight years. In addition, Hockenheim will give Emodrom Group the right to the land where the race track is built. The rental price will be one million euros per year and will bring additional income to the city budget.
The new shareholders want to rebuild the autodrome and turn it into a year-round entertainment center, investing 250 million over 10 years. euros. At the same time, the current infrastructure of the race will not be changed – new buildings will be built outside the working track.
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Tags: Investors bought stake Hockenheimring
