After two years of administration and several botched attempts at financing, the Nürburgring has reportedly been purchased by a self-made Russian billionaire and pharmaceutical magnate.

According to reports, Viktor Kharitonin, a major stakeholder in Pharmstandard – Russia's largest pharma company – with a net worth over $1 billion has stepped up after German-based auto supplier Capricorn was unable to front the rest of the cash to get the 'Ring out of administration. And he's already made both the second and third financial installments through December.

Details of the deal are still a bit hazy (as is our German translation), but Robertson Wild, the Capricorn boss in charge of the financing, admitted he wasn't able to come up with the two-thirds of the cash and had to withdraw earlier this month. That allowed Kharitonin to step in to take over the 77 million euro price of the track.

And if you're worried that some billionaire with no interest in racing is taking over one of the world's greatest racetracks, don't be: Kharitonin is a vintage race fan, running the Mille Miglia in a 1935 Mercedes 500 K.

Advertisement

More details as we have them.