- British Grand Prix
BRDC abandons Silverstone second lease plans
The British Racing Drivers' Club (BRDC) has announced it has ended negotiations to sell off a second part of Silverstone so it can focus on the upcoming British Grand Prix.
Last year the BRDC announced it had completed a 999-year lease with MEPC for Silverstone Industrial Estate and development land outside the circuit, a £32 million deal which cleared the Club's debts. It had hoped to follow that up by leasing circuit land itself and selling the Silverstone Circuits Limited (SCL) business, but talks with a second investor have broken down after the parties failed to reach a final agreement.
BRDC chairman John Grant insisted the future of F1 at the circuit is not in doubt without a second investor.
"After intense efforts to secure an acceptable deal, we have not been able to bring negotiations with the second potential investor to a satisfactory conclusion," Grant said. "With or without another investor, the futures of both Silverstone and the British Grand Prix are secure."
"The BRDC will now retain full ownership of SCL, whose highly experienced management team will continue to operate, promote and further develop Silverstone as a premier racing destination.
Grant also praised MEPC for the work it has done since becoming a partner last year.
"The circuit business has enormous potential and MEPC's development of Silverstone Park - a high-tech business park on land surrounding the circuit - will enhance the circuit's image and value over the next several years. We are delighted with the progress MEPC is already making. They are proving to be excellent partners and strong believers in our shared vision for Silverstone.
"We look forward to working with them towards implementing our joint vision for the development of Silverstone as a globally recognised centre for world-class motor sport and advanced technology."