JULY 23, 2006
Imola company up for sale
The Automobile Club of Bologna is offering its controlling interest in the Societa Allestimento Gestione Impiante e Servizi (SAGIS) for sale. SAGIS is the company that rents the Autodromo Enzo & Dino Ferrari from the Imola municipality and runs the event on behalf on behalf of the club. The sale is intended to bring in new funding to help to pay for the track renovation that is needed at the circuit. The club has invested large sums of money in the circuit in the course of the last 20 years but recognises that it needs new investment, particularly as the costs of hosting F1 events means that the races produce very little income for the club. In an effort to balance the books, SAGIS has diversified into new events, including a Heineken Jammin' Festival but the company says that it needs even more activities.
There are understood to be three bidders for the shares and the sale should be completed within a few days.
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