The Nürburgring has been sold to a German parts maker in a deal worth more than £83.6 million.
Seeing off rival bids from the likes of Formula One boss Bernie Ecclestone, the winning bid from the Capricorn Group includes an extra £20.8 million which will be used to further develop the site.
The sale includes the 13-mile North Loop track as well as the newer Grand Prix Circuit, which has alternated with hosting the German Grand Prix with the Hockenheimring circuit since 2008.
Bidding for the 90-year-old Nordschleife site began last summer, following the track falling into bankruptcy in July 2012. Built in 1927, the site stretches over 937 acres and includes numerous development centres built by manufacturers to test their latest models.
The creditor committee for the Nürburgring said they were left with "two very good offers and in the end decided on the offer with the highest price and good prospects for the region".
According to reports, Capricorn will take ownership of the Nürburgring in January of next year, and plans to keep the track open to the public.