To the chagrin of naysayers, EuroSpeedway now profitable

CART raced at EuroSpeedway in 2001 and 2003. It would be foolish for the IRL to not race on this great oval. They should also race at Assen, another successful European venue.

Dresden РThe EuroSpeedway Lausitz GmbH increased profits (EBITDA) by 1.4 million Euros over the financial year 2008. As the managing partners, Hans-J̦rg Fischer (42) and Matthias Tomasetti (41), announced today, the profit 2008 could be increased by 17 percent in comparison to the business year before (1,2 million Euros). This is a new record profit in the history of the enterprise. As in all business years since takeover of the circuit by the EuroSpeedway Lausitz GmbH in 2004, the result was gained without any public funding.

"We are very pleased that we could clearly increase our commercial result for the fourth time in a row despite the worldwide economic crisis. With this result we could again confirm that we have been adopting the right strategy to lead the circuit in the right direction since taking over in 2004. EuroSpeedway Lausitz GmbH has reinforced again its position as the most profitable circuit in Germany“, said Fischer, managing partner of the EuroSpeedway Lausitz GmbH.

When asked about ending the operation of EuroSpeedway Lausitz circuit at the end of 2008 Fischer commented: "When my partner Matthias Tomasetti and I leased the circuit in 2004 EuroSpeedway Lausitz was called a ruined investment and sort of multi-million euro graveyard of public money. The circuit was offered for sale by the owner but nobody was interested to either invest or purchase the property. It was at that moment we took over and prevented the EuroSpeedway Lausitz from being closed.

"In 2008, only five years later, we have developed the former problem child of Brandenburg into the most profitable German racing circuit and a stable and viable institutional business operation for the county. Prospective buyers and operators even fought with each other in court when the circuit went again up for sale in 2007. We could not have envisioned or executed a more successful business plan for where we have ended up today. We signed on in 2004 with a promise to pump new life into this circuit and that is what we have managed.“

The lease period of the EuroSpeedway Lausitz GmbH ended on December 31, 2008. On January 1, 2009 Alpha Technik, Stephanskirchen, took over the operation of the circuit and DEKRA, Stuttgart, took over the operation of the test facilities, means the facility is now divided in two parts.

"In particular we would like to thank our employees and partners without them our success would not have been possible. We would also like to wish the new management team a lot of success and good fortune for continued growth and further development of the EuroSpeedway Lausitz “, according to Fischer.

Background information

The EuroSpeedway Lausitz GmbH operated the EuroSpeedway Lausitz facility (circuits and test facilities) from 2004 up to and including 2008 on the basis of a 5-years lease agreement with the owner Förderverein Lausitz Ring e.V..

Already in the first year after the takeover the company achieved the turn-around. In the business year 2006 for the first time a million euro profit was achieved. The extent of utilization of the circuit and test capacities could be increased from 78.9 percent in 2004 on nearly 100% in the years 2007 and 2008. The EuroSpeedway Lausitz GmbH served a broadly diversified customer circle. Beside the principal use for motor sport events, motor sport tests and motor sport trainings, the facilities were used for numerous other activities and events as for example product presentations and driver's trainings of the car industry. In the period 2004 to 2008 a total of 4.4 million guests visited the EuroSpeedway Lausitz.

The EuroSpeedway Lausitz GmbH also was a candidate for operating the facility from 2009. In particular because of the split of the facility in two independent parts from 2009 it came to no continuation of the collaboration. The EuroSpeedway Lausitz GmbH ended its operation of the facility on December 31, 2008.