2014 F1 season
The circuit’s owners confirmed negotiations for the lease of land and sale of the Silverstone Circuits Limited had failed after the parties were unable to reach an agreement.
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,” he added.
The BRDC’s members had granted its board the authority to secure a deal. That has now expired, meaning their permission will have to be sought again in order for a new deal to be arranged.
Last year Silverstone sold a 999-year lease on land around the circuit to MEPC for £32 million to pay off loans related to the redevelopment of the circuit in 2010.
Grant said MEPC “are proving to be excellent partners and strong believers in our shared vision for Silverstone”.
“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,” he added.
2014 F1 season
- Streiff’s comments on Bianchi crash investigation prompts legal action from FIA
- Is stewarding improving? Analysing 2014’s penalties
- The Complete F1 Fanatic 2014 season review
- No improvement in Bianchi’s condition
- F1 Fanatic’s must-read articles of 2014
Browse all 2014 F1 season articles
Image © Lotus/LAT