BRDC abandons plans to sell Silverstone circuit

Wednesday 07th May 2014, 17:17 by TF1T Staff 

Red Bull Racing, Getty Images

The British Racing Drivers' Club (BRDC) has confirmed that negotiations with a potential buyer for Silverstone Circuits Limited (SCL) have ended.

The BRDC had hoped to sell the business and lease land following a similar deal with MEPC in 2013 which secured a 999-year lease for the Industrial Estate and further land outside of the circuit.

However talks with the second potential investor broke down when an "acceptable deal" couldn't be agreed.

BRDC chairman John Grant insisted the future of the British Grand Prix wasn't in doubt.

"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 took the opportunity to praise the work done by MEPC so far, in a successful £32 million deal that went ahead in 2013.

"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."

MEPC's long-term plan for Silverstone which includes housing, a technology park, offices and hotel.

LATEST FORMULA 1 NEWS

tech talk

Tech Talk: Marussia innovation boosts Ferrari

MERCEDES

Hamilton claims FRIC ban will benefit him

f1 news

Drivers need to be able to speak their mind - Horner

caterham

Caterham launches legal action against employees

f1 news

Ecclestone promises no standing restarts in 2015

MERCEDES

Hamilton: 'I'm just doing my job, I'm hired to race'