Horse racing firm set to run Silverstone

Northern Racing issued a statement on Monday confirming that they were the preferred candidates to take over the running of Silverstone for a period of 25 years, providing that their appointment is approved at an Extraordinary General Meeting of BRDC members on February 22.

The statement said: "Northern Racing confirms that it has bid for the right to operate the Silverstone Racing Circuit, the home of the British Grand Prix, under a 25-year lease arrangement with the owners of the circuit, the British Racing Driver's Club Limited ("BRDC")."

Details of Northern Racing's plans for the circuit will be revealed at the EGM and come at a time when the BRDC board are trying to head off opposition to the plans to redevelop the circuit.

A number of club members are believed to be opposed to plans by development company St. Modwen to revamp the circuit and take on a rumoured 150-year lease.

At the end of last week St. Modwen moved to reassure club members that the future of the track was not in jeopardy with their plans.

The company's senior executive director Richard Froggatt told Northampton News: "I can understand why some people might jump to conclusions about the BRDC's future with the track.

"But there's no way we could force them out. They're the custodians of Silverstone and they forever will be.

"We're looking to take the worldwide reputation Silverstone has already got and build on it. We want to get the technology park running properly and look at how we can turn Silverstone into a year-round operation.

"We'd be hoping to secure a couple of hotels and some residential development would help with financing the work required for circuit improvements."