Silverstone circuit leased to a real estate company
Four years ago now, the owners of the Silverstone circuit put it on the market as part of a lease agreement, and they finally seem to have found a partner according to the British media.
The Silverstone circuit would no longer be owned by the British Racing Drivers Club, according to The Independent. According to the newspaper, the BRDC has managed to find a tenant four years after putting the circuit on the market.
It seems that the new holder of the premises is the real estate company MEPC, which had recently made an offer. Bernie Ecclestone confirmed the information by stating that he was supposed to meet the new officials in the coming days.
The BRDC wishes to develop the Silverstone complex, and to do so, it needs capital. In addition to constructing a campus to train young people in the automotive and motorsport professions, Silverstone’s development plan also includes building facilities to house companies, three hotels, and a museum.
The new tenant of the premises should also become the promoter of the British Grand Prix, which is tied to Silverstone until 2026, and thus pay FOM approximately 16 million euros to host F1 each year.
When Bernie Ecclestone signed a new 17-season contract starting in 2010, he requested that the track be renovated, which resulted in a new section and new pits. However, this came at a considerable cost for the BRDC, which hopes, according to Pitpass, to benefit from this rental agreement to repay part of its debts – estimated to be around 30 million euros.
