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Investment secured to recover European circuit project

After a newly designed racing circuit project fell into bankruptcy last year, a new group of investors has taken on the task of recovering the development to make it a permanent home of motorsport.

A consortium of investors led by TRP Hungary has acquired the assets of the KymiRing facility in Finland which filed for bankruptcy last year.

The 4.5 kilometre circuit, which is located 110km northeast of Helsinki, officially opened its doors in 2019 with the plan to bring MotoGP competition to the track the following year.

However, the inaugural MotoGP race around the venue was cancelled due to the Covid-19 pandemic before the proposed 2021 event was also postponed.

Amid discussions over rider safety and geopolitical concerns following Russia's invasion of Ukraine, the 2022 Finnish Grand Prix was removed from the calendar and the track fell into financial trouble.

In April of last year, the original company behind the circuit filed for bankruptcy but the creditors remained open to negotiate with new investors.

TRP Hungary has now taken over the project and confirmed that the financing is entirely private with no public funds involved.

The company has previous experience in motorsport involvements, having promoted and organised Hungarian events including the FIA European Rally Championship, the FIA European Truck Racing Championship and the Superenduro GP of Hungary.

It has outlined that its objective is to create “a financially sound investment that successfully operates a leading motorsport facility in the region”.

As part of the new project, it has sought local expertise from Jani Backman, former organiser of Rally Finland.

Tamás Őry, CEO of TRP Hungary, said: “It is remarkable to have the opportunity to get involved and contribute to the development of KymiRing in Finland, a country with an unbelievably rich history and culture in motor racing.

“From rallying to circuit racing, on two wheels or four, Finland is the go-to destination for motorsports.”

While the original plans for the circuit had plans to create a Grade 1 FIA circuit (which would make it eligible to host a Formula 1 Grand Prix), significant investment would be required to upgrade the facilities.

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