Attempts to sell Silverstone Circuits Limited (SCL) have been shelved today after negotiations between the British Racing Drivers’ Club (BRDC) and ‘a potential second investor’ fell through.
The BRDC says it has been trying to secure a second commercial investment “to help realise the full potential” of the Silverstone Racing Circuit and its 760-acre Estate.
The first investment of £32m was by British commercial property company MEPC, which acquired a 999-year lease on the existing industrial estate and development land around the outside of the circuit in September.
The resulting receipt enabled the BRDC to pay off all its borrowings.
Chairman of the BRDC John Grant, 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.”
Mr Grant went on to say that the futures of both Silverstone and the British Grand Prix are ‘secure’.
He said 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.
Plans to sell Silverstone Circuits Limited are now being put on hold to allow the current management team to focus on delivering the Formula One British Grand Prix in two months time.