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The owners of Silverstone have completed a £32 million deal with BT Pension Scheme owned MEPC for the development of land around the circuit.
British Racing Drivers’ Club (BRDC) also revealed that they agreed terms with a suitable partner to further develop and invest in the circuit and circuit-related facilities’ but did not reveal the details of the deal.
“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 realize the full potential of its 760-acre estate,” said Stuart Rolt, chairman of the BRDC.
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BRDC will use the amount to pay off long and short term loans from Lloyds Banking Group and Northamptonshire County Council.
However, the operations and management of the circuit will remain unaffected by the transaction and MEPC has already received the permissions to begin development work.
As a long term investor we are delighted to have secured this opportunity to create a large, commanding commercial estate with a key technology driver which will benefit hugely from its location, infrastructure and association with the home of world motor racing at Silverstone,” said Chris Taylor, the chairman of MEPC.
