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Famous Nurburgring circuit bought by Russian Billionaire

Snapshot: The track boasts of a fantastic decade long history of motorsports.

A conversation related to the greatest racing tracks around the globe, will definitely include the name of the famous Nurburgring track, situated 120km from Frankfurt, Germany. The track, which boasts of a fantastic decade long history of motorsports, was going through some tough financial situations lately. The track declared bankruptcy long time ago, and was bought by Düsseldorf-based business named Capricon for 77 million euros, only to be sold within months.

The latest owner of the circuit is a Russian billionaire named Viktor Kharitonin. According to the German business magazine Wirtschafts Woche, the track was sold within months of its purchase by the Capricorn group, as they weren't paying regular money. Supposed to to pay a regular 5-million-euro ($6.3 millIon) installment, they missed the second payment. According to the magazine, not only did the Russian paid the missed amount, but he has given an advanced money till December. He has also set up a company called NR Holding AG to run things.

Victor Kharitonin is the founder of Pharmstandard, Russia's largest pharmaceutical company. His net worth is estimated at over $1 billion and puts him as the 1,342nd richest person in the world, as reported by Forbes. Kharitonin will now have the controlling stake of the ring, but he's not the sole shareholder. A German motorsports company called GetSpeed holds the one-third of the ring, while Victor gets the remaining two-third.

We hope that the iconic ring keep on hosting some of the most incredible races, as it did earlier.

Also, read our latest report in the F1, U.S GP here.

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