Mon, 19 Aug 2013 | BUSINESS SALE
Silverstone racetrack has been sold to an unknown buyer, with reports suggesting that the business will be expanded.
The home of British motor racing has held the Formula One British Grand Prix for more than half a century after the circuit hosted the first ever round of the Formula One World Championship in 1950. However, it could have a more varied future in store with news that Silverstone has been sold to a developer.
Reports from The Independent revealed that while the identity of the buyer remains unknown, the business or group is thought to be a real estate firm with plans to develop a new business and technology park beside the famous race circuit.
A member of the British Racing Drivers Club (BRDC) told the paper: “A deal has been done on Silverstone. I don’t know who bought it and I don’t know what the terms are, but it is absolutely categoric that a deal has been done and not due to be announced until next month probably.”
The BRDC has owned and operated Silverstone since it began but it has been looking to sell a 150-year lease on the track for some time now. In addition to the track, the lease includes the 850 acres of land surrounding it.
The sale is reportedly driven by a desire to financially separate the BRDC from the British Grand Prix and its annual hosting fee of around £14 million.
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