Silverstone subject to second bid - report

Wednesday 28th August 2013

 RSS

Share:

Silverstone subject to second bid - report

Silverstone subject to second bid - report

Silverstone officials are keeping mum over reports that the track is the subject of a management buyout.

Just weeks after it was claimed that the British Racing Drivers' Club "sold" the circuit, the Northamptonshire venue is now "in talks" with Lloyds-backed LDC over a potential management buyout.

According to Sky News, private equity firm LDC has thrown its weight behind a campaign to buy Silverstone Circuit, the operator and promoter of all events that take place at the Northamptonshire circuit, including the British Grand Prix.

"People familiar with the Silverstone transaction said on Tuesday that it would be structured as two separate agreements with the present owner, the BRDC," Sky News said.

"LDC will invest millions of pounds in backing a management buyout of Silverstone Circuits, the entity which promotes and hosts the British Grand Prix, while MEPC, a property group owned by the BT pension fund, will acquire the development land around the site."

The report added the BRDC "is expected to use the proceeds from the sale of the site, which it will then lease back, to invest in revamping many of the facilities at the racetrack".

It is the second time this month that Silverstone is in the news over a potential buyout as officials reportedly signed a "long-term lease" to a real estate firm MEPC for a about £40million.

Turn Up The Lights, It's Race Day

Editor's Picks

Winners & Losers: Singapore

Winners & Losers: Singapore

Lewis may have beaten Nico by 33 centimetres on Saturday, but on Sunday he finished 47 laps down the road...

Getting To Know Marchionne

Getting To Know Marchionne

Ferrari fans needn't be worried about Sergio Marchionne - he comes with a pedigree of turning round businesses...

Highlights Of Luca's Tenure

Highlights Of Luca's Tenure

Luca di Montezemolo is Ferrari through and through, from spending time as Enzo Ferrari's assistant to assuming control in 1991...

Tin Foil Hats At The Ready

Tin Foil Hats At The Ready

Twice this season Lewis Hamilton has accused Nico Rosberg of deliberately making a mistake. Was Monza number three?

PlanetF1 Fantasy League

PlanetF1 Fantasy League

The season may be underway but you can still enter the PlanetF1 Fantasy League and win prizes on a race-by-race basis...