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May 07, 2014 - 04:52 PM
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BRDC Terminates Negotiations With Potential Silverstone Investor
Posted by: newsla on May 07, 2014 - 04:45 PM
Formula 1 News
BRDC Terminates Negotiations With Potential Silverstone Investor


The British Racing Drivers’ Club (BRDC) has confirmed that negotiations with a second potential investor in Silverstone – specifically for the lease of the circuit land and sale of the Silverstone Circuits Limited (SCL) business – have been brought to a close, after the parties were unable to reach final agreement.

 

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The BRDC has been endeavouring to secure a second commercial investment to help realise the full potential of Silverstone and its 760-acre Estate. The first investment, announced by the BRDC on 11 September 2013, was completed with British commercial property company MEPC, who acquired a 999-year lease on the existing Silverstone Industrial Estate and development land around the outside of the circuit. The resulting receipt of £32 million enabled the BRDC to pay off all its borrowings.

John Grant, Chairman of the BRDC, said: “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. 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.

“With or without another investor, the futures of both Silverstone and the British Grand Prix are secure. 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.”

The BRDC Board has decided to shelve, at least for the time being, efforts to sell SCL and will now encourage the Silverstone management team to focus on what it does best – delivering in two months’ time another excellent Formula 1® British Grand Prix. As the authority granted by Members to the Board to secure a deal has now expired, no further agreements of this nature will be entered into without first communicating with Members.


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