Russian pharmaceuticals tycoon Viktor Kharitonin has acquired a 99% stake in the Nürburgring in a deal reportedly worth close to £30 million.

The billionaire businessman already owned 80% of the circuit and its assets, but a report in Forbes Russia claims he has purchased another 19%, bringing his total spend up to nearly £60 million.

The remaining 1% stake belongs to Getspeed, a performance company based near the track.

Autocar has contacted the Nürburgring for comment, but is yet to receive an official response.

Insiders say this new deal will see the Nürburgring receive a injection of cash, which should help it further improve safety – something that’s been a key focus since a spectator was killed during a crash at a VLN race last year.

Kharitonin has also voiced his ambitions to reopen talks with F1 boss Bernie Ecclestone about reinstating the Nürburgring Grand Prix circuit back onto the F1 calendar. The circuit was dropped off of last year’s calendar following financial issues, and this year the German GP will take place at Hockenheim.