Jaguar Land Rover (JLR) has confirmed it has pulled out of negotiations to take up a 249-year lease on the Silverstone Circuit in Northamptonshire, after talks with current owners the British Racing Drivers' Club (BRDC) collapsed last week.
The BRDC had been hopeful of a deal which would have seen JLR inject £33 million into the facilities, allowing for the development of hotels, a museum, offices and homes, whilst the BRDC would retain ownership of Silverstone Circuits Ltd.
"Jaguar Land Rover has ended discussions with the British Racing Drivers' Club for the foreseeable future and is not proceeding with any plans to either lease or purchase Silverstone at this time," a spokesperson confirmed to the BBC.
The BRDC's hopes have also taken another blow, with a second bidder in the form of Ginetta boss Laurence Tomlinson pulling out of negotiations, leaving just two others in the frame.
Whilst the identity of one of the remaining bidders is known to be Jonathan Palmer’s MotorSport Vision, the second has chosen to remain anonymous, but is believed to be a foreign investor.
The latter currently has exclusivity over negotiations, with Palmer's bid held in reserve should these talks also amount to nothing.
Discussion about this post