Hockenheim has inched closer to reviving the defunct German GP.
Private investors have bought 75 percent of the well-known former Formula 1 circuit from the city of Hockenheim, raising hopes that the new owners could have the money to entice the sport back to Germany.
DPA news agency says the buyers are "five medium-sized companies", with the deal already approved unanimously by the Hockenheim city council.
Hockenheim-based Emodrom Group admitted the purchase price was around EUR 5.5 million, with the city noting that the new owners also take responsibility for about 20 million euros in debt.
Emodrom said its plan is to invest up to 250 million euros into the Hockenheimring over the next five to ten years, including a hotel and 300 new jobs. Construction of what they’re calling ’Motorworld’ is already scheduled for 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 company said.