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JLR PULLS OUT OF SILVERSTONE PURCHASE

JLR PULLS OUT OF SILVERSTONE PURCHASE

Posted by Glenn Rowswell on 9th February 2017

Jaguar Land Rover (JLR) has ended negotiations with the British Racing Drivers’ Club (BRDC) to purchase Silverstone, home of the British Grand Prix.

Had its bid been successful, the Indian-owned marque would have used the circuit for high-speed test drives. Rumours had the firm redeveloping the historic site as a second home for Jaguar Land Rover Classic’s heritage collection, in addition to the collections centre at the British Motor Museum.

Despite the success of events such as the Silverstone Classic, track losses and redevelopment bills are mounting up. In a ‘reactive statement’ released by the BRDC on Monday, November 7, it turns out that two other bidders remain in the frame to purchase Silverstone. One proposal – submitted around the same time JLR began negotiations – came from Lawrence Tomlinson, boss of Ginetta Cars.

That bid, according the BRDC’s board, has since expired. The third offer, from an as yet unidentified investor, has been given priority. “This party is a substantial overseas investor with long-established interests in the UK. Due to a confidentiality agreement the BRDC is not in a position to disclose the identity of the bidder at this stage,” a BRDC spokesperson explained.