Formula 1

Two potential buyers pull out of the race to buy Silverstone.

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Silverstone Circuit Credit: Octane Photographic Ltd

The future of the British Grand Prix will be secured, despite two buyers pulling out of negotiations with the owners of the Silverstone circuit, British Racing Drivers Club.

Jaguar Land Rover and Ginetta boss Lawrence Tomlinson were two of four buyers that were in the running with the BRDC for the future of the British Grand Prix, with BRDC president Derek Warwick saying that the cost of the circuit hosting races was becoming financially difficult to maintain without a deal in place.

John Grant, BRDC chairman told Autosport that “Discussions with JLR have been terminated because we couldn’t come to a deal that met their requirements as well as ours. Lawrence had extended his option until October 31 but his offer lapsed when we hadn’t made a decision by then.

“The JLR deal was the only one that would have enabled us to retain control of the Silverstone business. All of the others want to buy Silverstone Circuits Ltd, the business that runs the track.”

Grant believes a deal can be reached that can provide finance for the Grand Prix and has supported Liberty Media’s acquisition of Formula 1.

“The changes could provide a better economic balance for circuit owners and it would be up to any potential new owner to decide on the future of the GP,” added Grant.

“The financial position of the BRDC is not strong enough to support a high-risk business like the British GP – that’s why we have been looking for a partner with deeper financial pockets.

“We think the GP is worth hanging on to, but it has to be on a common sense basis.”  

MotorSport Vision boss Jonathan Palmer is one of the two remaining buyers while the final buyer is unknown but rumours say they are a substantial investor from overseas.

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