Investigation into the functioning of Silverstone
It seems that the management of Silverstone does not suit everyone, as the three directors of the circuit have been suspended until further notice, pending an investigation into their management of the British circuit.
The Silverstone circuit is owned by the BRDC, the British Racing Drivers’ Club, which has nearly 850 members. Nevertheless, in order to meet upcoming developments, a commercial agreement has been reached with the MEPC pension fund, which involves the payment of 32 million pounds in exchange for a 999-year lease.
Now, this means that the employees of Silverstone Circuit Limited have much fewer issues to address since they now focus solely on operating the circuit. John Grant, the director of the BRDC, stated in an internal communiqué: « With the lease of our industrial property with MEPC a year ago, the business is now reduced and our structure must be resized and must reflect our focus on circuit activities. This will allow us to improve our efficiency, increase our revenue, and create a more profitable commercial activity in the long term. We expect this to have minimal impact on our business and thus limit our personnel changes to a minimum. »
However, it is rare for an organizational change to have no impact on the company’s management. Silverstone is no exception as measures have been taken against the three directors of the circuit, including its CEO, Richard Phillips, whom we met during the last British Grand Prix. They are thus suspended, but still paid, until the investigation is completed. However, given the changing needs of our business, we are going to undertake a restructuring to create a more operational and customer-oriented organization. To do this, we have initiated today a consultation process for a number of changes within the highest positions of the organization. Thus, CEO Richard Phillips, CFO Ed Brookes, and Property Director David Thomson have been suspended without loss of salary.
The investigation will have to determine whether the development program around The Wing, the new paddock, was justified and whether the best financial management was conducted during the years of the current management’s rule.
With the participation of www.Racingbusiness.fr
