The British Racing Drivers’ Club (BRDC) has confirmed it will look further afield for potential investors to fund its major redevelopment, following slow progress with a Qatari based investor.
The club is looking to develop the circuit further following the construction of a new pit and paddock area in 2011. The new development includes three hotels, a technology park, permanent grandstands and a museum.
Currently the BRDC are negotiating on an exclusive basis with the Qatar Investment Authority, but nothing has come of the talks so far, which has prompted the circuit owners to expand their potential investor pool.
“Negotiations with the potential investor remain positive, but with the period of exclusivity coming to a close the BRDC plans to broaden its search and engage with other interested parties,” read a statement.
Chairman of the BRDC Stuart Rolt added: “The commercial potential of Silverstone and the Estate is significant and we are seeking external investment, from third parties who share our vision, to help us realise that potential more quickly. While progress has, and is, being made with our original preferred partner, negotiations have not yet developed into an agreement. As the period of exclusivity has come to a close we are now speaking to other potential investors.
“The BRDC has funded the new Grand Prix circuit, state-of-the-art Silverstone Wing complex, key developments around the venue and the planning process for the Silverstone Masterplan. An appropriately qualified investor will help to develop Silverstone further, into a world-class, multi-purpose centre for motorsport, high technology business, training and education. This is our vision and we remain committed to that.”
Rolt confirmed that if an investor couldn’t be found, the BRDC would finance the redevelopment itself.
“If we cannot find a suitable partner, we shall continue with the development ourselves, albeit at a slower pace.”
