Businessman in Silverstone buyout bid
A property developer is bidding to take over the ownership of the Silverstone circuit, according to BBC Radio Northampton
The report says Spectre chairman Oliver Speight has made a £56 million ($110 million) offer to the British Racing Drivers' Club, current owners of the British track.
Speight's proposal would include plans to retain the current track and develop the surrounding area to improve the facilities.
The offer would also include a £20 million payment upon completion of the buyout, with a further £20 million to be paid once the local authorities approved the development plan.
Each BRDC full and life member would received additional payments of £20,000 each.
The BRDC said last week they were hoping for an early approval of a master plan to revamp the circuit, in order to secure the future of the British Grand Prix.
The BRDC met with members of the local government last week to try and speed up the revamp process, which they hope would bring the British track up to modern standards.
The current British GP contract expires in 2009.
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