New investors have taken over ownership of the former German Grand Prix venue Hockenheim after receiving local council approval.
The city of Hockenheim and the Badischer Motorsport Club are transferring 74.99% of shares to Emodrom Group Holding, but will retain 25.01% of shares to ensure a say in future deals.
The Hockenheimring name is set to remain, with the city of Hockenheim set to maintain the naming rights over an eight-year contract, costing the city about €90,000 a year, with the option of renewal over a similar length or reduction in price if a title sponsor is found.
As part of the new arrangement, building works to expand the infrastructure at the track are expected to be undertaken, including a new hotel and innovation campus as part of a potential €250 million injection.
“Yesterday’s decision by the Hockenheim local council marks a significant step in the strategic realignment of the Hockenheimring,” explained Tim Brauer, Managing Director of the Emodrom group.
“We are pleased about the trust that has been placed in us and are proud to be part of this groundbreaking development.
“Since emodrom GmbH was founded in 2012, we have continuously worked on the modernization and further development of the Hockenheimring.”
Hockenheim last held the German GP in 2019 as a celebration for 125 years of Mercedes-Benz motorsport.
Before that it had alternated in even-numbered years with the Nurburgring to host the race, before that circuit fell away after 2013.
The last F1 race held in Germany was the Eifel Grand Prix at the Nurburgring during the COVID-19 hit 2020 season.