Russian billionaire buys Nurburgring

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"Sold to you!". Russian billionaire Viktor Kharitonin has become the new owner of the iconic Nurburgring racing track.

The 43-year-old businessman, co-founder of healthcare company Pharmstandard, was already a majority shareholder in the company which owns and operates the Nurburgring, but upped his state to 99%, making him the de facto owner, according to Forbes Russia.

The transaction was apparently worth an estimated EUR 37 million, with Khartonin paying a total of EUR 77 million for the ownership.

The Nurburgring has struggled recently financially, falling off the F1 calendar last year as the home of the German GP when terms could not be met with Bernie Ecclestone.

F1's supremo admitted he had been interested at one point in buying the historic venue himself, but lost out in the end as the owners accepted a slightly higher offer.

Ecclestone is on record as saying that a return of the German GP to the Ring in 2017 is 'highly unlikely".

Khartonin himself claims that talks with FOM broke off last year when an agreement could not be reached.

"We ourselves refused because they did not agree with the organisers on financial matters," said the Russian, who believes that talks with Ecclestone will resume sooner rather than later.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.