The British Racing Driver’s Club (BRDC) will no longer sell off a part of the Silverstone racecourse after talks with the investor fell through.
The BRDC confirmed a £32m deal with commercial property firm MEPC had been struck, with the company acquiring a 999-year lease on the industrial estate and development land around the circuit.
Despite this, negotiations with a second investor for the lease of the circuit and sale of Silverstone Circuits Limited have not been as successful, and as such, the deal has fallen through.
BRDC chairman 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.
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.”
Source: isportconnect.com
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