Abu Dhabi

Last Race: 23rd Nov Abu Dhabi

Abu Dhabi GP Results
Pos Driver
1 Lewis Hamilton
2 Felipe Massa
3 Valtteri Bottas

Silverstone lease confirmed

Wednesday 11th September 2013

 RSS

Share:

Silverstone lease confirmed

Silverstone lease confirmed

The British Racing Drivers' Club (BRDC) has secured Silverstone's long-term future by leasing parts in and around the track to MEPC.

The Silverstone Industrial Estate and development land around the circuit have been sold to the commercial property company on a 999-year lease for £32million.

Importantly, though, the deal does not include the management or development of the Northamptonshire track itself and the Club is expected to announce a management buyout of the track before their AGM in October.

The BRDC, though, confirmed that the money from the deal was used to repay its long and short-term loans from Lloyds Banking Group and Northamptonshire County Council.

BRDC chairman Stuart Rolt said in a statement: "Following major improvements to Silverstone, including significant investment in the Grand Prix Circuit and building of The Wing, the BRDC Board was given a mandate three years ago to attract suitable partners to invest in Silverstone and help realise the full potential of its 760-acre Estate.

"Over three years the Board has given consideration to a number of offers from credible parties and we are delighted to have reached an agreement with MEPC, which was selected on the grounds of its financial standing, reputation, the quality of the developments it has undertaken - and continues to own - and the price it was prepared to pay.

"We have every confidence that their vision for our land will see the realisation of a high-quality development, which will add to the ever growing status of Silverstone as a world-class centre for motor sport and vehicle engineering. We are also confident that in MEPC we have a partner which fully appreciates the status of Silverstone as a race circuit, its history, the ethos of the BRDC and the importance of doing everything to ensure that reputation is enhanced in the future."

Rick de Blaby, chief executive officer of MEPC, added: "When we were approached with the BRDC's vision of what Silverstone might become in its next iteration, it was easy for my colleagues and I at MEPC to relate to such ambition; the creation of great business estates, with clusters of particular commercial activity that have a sense of place and community, is what we do.

"That the BRDC had secured planning consent for its Masterplan is to its great credit and we are, of course, hugely cognisant of the immense history of Silverstone and its current standing today, not just as a venue for world-class motor sport, but as a centre for high-end precision engineering."

Vettel's Maiden Ferrari Run

Editor's Picks

Looking Forward To 2015

Looking Forward To 2015

There's only 87 days to the next grand prix in Melbourne, and already PF1 is looking forward to the season ahead...

McLaren Made Right Choice

McLaren Made Right Choice

McLaren have finally announced they are retaining Jenson Button for 2015. Here are ten reasons why they made the right choice...

PF1 Prediction Results

PF1 Prediction Results

The results are in and Frank Hopkinson turns into an oracle with his scary prediction about safety in F1...

Ten Best Drives Of 2014

Ten Best Drives Of 2014

Andrew Davies looks at the outstanding race performances this season, not always by drivers who made it onto the podium...

Ten Stupid Moments

Ten Stupid Moments

We've had our fair share of stupid moments in F1 this year and Andrew Davies has rounded up some of the best (or worst)...