Silverstone deny ‘100-year lease’ with oil-rich Qatari investors
British Grand Prix 20011 at Silverstone.
SILVERSTONE bosses have insisted no deal has yet been done to secure foreign investment in the circuit, contrary to some press reports.
A spokesman for the owners of the Northamptonshire circuit, the British Racing Drivers’ Club (BRDC), moved yesterday to counter a front-page article in Motorsport News which claimed the organisation was poised to put pen to paper on a deal which would sell the lease of the track to a Qatari investment group for “at least” 100 years.
The spokesman told the Chronicle & Echo no deal had yet been done. He said no timescale had been set for any agreement to be made, and said the situation remained unchanged from that reported in the Chron in November.
He said: “The BRDC remains in a period of exclusive negotiation with one preferred potential investor.
“The terms of that agreement stipulate all matters remain confidential.
“As such, the BRDC cannot, and will not, comment on any aspect of the investment, nor on speculation surrounding the process.”
In November, the Chron reported the BRDC was in “exclusive talks” with one organisation about taking on the lease of Silverstone, in order to help fund the circuit’s expansion plans, which include proposals for three new hotels, a college, a museum of motorsport and an outdoor entertainment stage.
It is understood any lease deal would include clauses protecting the future of the venue and its continued use for motor racing.
Motorsport News reported yesterday the BRDC was on the brink of signing a deal for “at least” 100 years, with the Qatar Investment Authority likely to be named as the successful party within three weeks.
It claimed some sources had suggested the investor’s tenure could extend to 150 years, netting the BRDC more than £200 million over its duration, and quoted BRDC president Derek Warwick as saying the future of the venue would be secure in any deal.
Mr Warwick said: “Do you honestly think we at the BRDC, with the history and knowledge we possess, would sell Silverstone or the BRDC down the road?
“You can’t compare this to someone who buys a football club that wants a trophy asset, who is just there for what he can get out of it and then move along. We hope our guys will be there for the long haul.”
“They have the enthusiasm and the same goals as us,” he added.
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HrolfK
Thursday, February 2, 2012 at 03:37 PMSounds a dreadful deal. Huge amount of land and only just over a million a year? They do know in 100 years time a million will only be worth £42,000. Or 419,000 yuan, seeing as that's what we'll be using then.
TallConnect.Com Tall Singles Club
Thursday, February 2, 2012 at 12:34 PMComment removed by moderator
willi eckaslyke
Thursday, February 2, 2012 at 09:23 AM£200m for a 100yr lease?...Still think the BRDC would do better to lease it to our government for use as a low-level nuclear waste dump...no worse than a giant oil storage depot...(wonder if the repayment of our £10m would be spread over100 years)
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