New investors bought a controlling stake in the Hockenheimring for 5.5 million euros. The day before, local authorities gave their permission.
According to Schwetzinger Zeitung, the city of Hockenheim and the company that owned the circuit, Badischer Motorsportclub, ceded 74.99% of their shares to the Emodrom Group holding, which includes new investors.
At the same time, the city of Hockenheim will retain its share – it still has 25.01% of the shares of the Hockenheimring and the right to participate in decision-making.
The name of the Hockenheimring will also not change for now: the city and the circuit have signed an eight-year contract with an option for the next eight years. In addition, Hockenheim will give Emodrom Group Holding the right to the land on which the track is located. The rent is one million euros per year and brings additional funds into the city treasury.
The new shareholders want to redevelop the circuit into a year-round entertainment destination, investing €250 million over the next ten years. At the same time, the sports component will not be affected – all new buildings will be located outside the existing infrastructure.
