Motorsport industry supplier Capricorn Group has acquired Germany's Nuerburgring racetrack for more than €100m ($137m).

Capricorn's bid edged out a rival offer from HIG Capital. The deal, which covers an amusement park and two racetracks, ends a lengthy search for a buyer for the famous venue, which became insolvent in 2012.

“It was a close decision,” administrator Jens Lieser said, according to the Reuters news agency. The deal includes a commitment to invest about €25m in upgrading the facilities so Nuerburgring can become a technology centre for the motorsport industry.

The Nuerburgring, which hosted Formula One’s 2013 German Grand Prix as part of a race sharing deal with Hockenheim, has endured serious financial difficulties. The circuit went into administration in 2012 after local politicians loaded it with debt equating to around 50 years’ worth of profit. It began looking for a new owner in the spring of 2013.

Source: Sportbusiness