British Grand Prix circuit Silverstone agrees development deal
Silverstone has announced a deal with property company MEPC to develop land around the British Grand Prix venue
MEPC has paid £32 million for a 999-year lease on the circuit's industrial estate and surrounding land on which planning permission has already been granted.
The agreement does not affect the circuit itself.
Silverstone owner the British Racing Drivers' Club has been able to pay off loans from Lloyds Banking Group and Northamptonshire County Council as a result.
BRDC chairman Stuart Rolt said MEPC had been carefully chosen.
"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," he said.
"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."
Previous article
Comment: Felipe Massa can walk out of Ferrari proud
Next article
Kimi Raikkonen seals Ferrari Formula 1 return with two-year deal
About this article
| Series | Formula 1 |
What Mercedes must do to keep its F1 title challenge on track
Mercedes may find itself leading the drivers' and constructors' standings after Lewis Hamilton's victory in the Bahrain Grand Prix, but it is well-aware that it came against the odds, with Red Bull clearly ahead on pace. Here's what the Brackley team must do to avoid its crown slipping
Why Tsunoda can become Japan’s greatest F1 talent
While Japan's fever for motor racing is well-documented, the country has yet to produce a Formula 1 superstar – but that could be about to change, says BEN EDWARDS
Why the demise of F1's hypocritical spending habit is cause for celebration
For too long, F1's richest teams have justified being able to spend as much as they want because that's the way they've always conducted their business. STUART CODLING says that's no reason not to kick a bad habit
The double whammy that is defining Vettel’s F1 fate
It's been a tough start to Sebastian Vettel's Aston Martin F1 career, with a lack of pre-season testing mileage followed by an incident-packed Bahrain GP. But two key underlying factors mean a turnaround is not guaranteed
The diva that stole a march on F1’s wide-bodied opposition
In 2017 new F1 technical regulations were supposed to add drama - and peg Mercedes back. STUART CODLING looks at the car which, while troubled, set the stage for the wide-bodied Formula 1 era
The themes to watch in F1’s Imola return
Three weeks is a long time in Formula 1, but in the reshaped start to the 2021 season the teams head to Imola to pick things up after the frenetic Bahrain opener. Here's what to look out for and the developments to follow at the Emilia Romagna Grand Prix
The 'new' F1 drivers who need to improve at Imola
After a pandemic-hit winter of seat-swapping, F1 kicked off its season with several new faces in town, other drivers adapting to new environments, and one making a much-anticipated comeback. BEN ANDERSON looks at who made the most of their opportunity and who needs to try harder…
The delay that quashed Aston Martin’s last F1 venture
Aston Martin’s only previous foray into Formula 1 in the late 1950s was a short-lived and unsuccessful affair. But it could have been so different, says NIGEL ROEBUCK
