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Silverstone subject to second bid - report

Wednesday 28-August-2013 12:46

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.

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