The British Racing Drivers’ Club (BRDC) has confirmed it has agreed a deal to lease the land around the Silverstone circuit to British developer MEPC.
The 999-year lease does not include the circuit, which will remain under BRDC control, but will provide much needed investment.
The £32 million deal will allow the BRDC to “pay off its long and short-term loans from Lloyds Banking Group and Northamptonshire County Council,” confirmed a statement.
It will also see MEPC developing the land to finally realise Silverstone’s long-term plan to include hotels, schools, housing and entertainment venues.
Stuart Rolt, Chairman of the British Racing Drivers’ Club, said: “Following major improvements to Silverstone, including significant investment in the Grand Prix Circuit and building of The Wing, the BRDC Board was given a mandate three years ago to attract suitable partners to invest in Silverstone and help realise the full potential of its 760-acre Estate. Over three years the Board has given consideration to a number of offers from credible parties and we are delighted to have reached an agreement with MEPC, which was selected on the grounds of its financial standing, reputation, the quality of the developments it has undertaken – and continues to own – and the price it was prepared to pay.
“We have every confidence that their vision for our land will see the realisation of a high-quality development, which will add to the ever growing status of Silverstone as a world class centre for motor sport and vehicle engineering. We are also confident that in MEPC we have a partner which fully appreciates the status of Silverstone as a race circuit, its history, the ethos of the BRDC and the importance of doing everything to ensure that reputation is enhanced in the future.”
