Silverstone reportedly sold to real estate development firm
19 August, 2013
The Silverstone race track – host of the Formula 1 British Grand Prix – has reportedly been sold to a real estate firm.
A 200-acre business and technology park is allegedly going to be built beside the track for an estimated £40 million, according to The Independent. The buyer has not been confirmed, however, British property group MEPC was the most recent bidder for the circuit.
Debt-ridden Silverstone owner British Racing Drivers Club (BRDC) put the track and its 850-acre surrounding land up for sale on a 150-year lease several years ago, which was accelerated following Formula 1 supremo Bernie Ecclestone’s request to heavily develop the facility in exchange for a 17-year hosting extension in December 2009.
BRDC will continue to manage motor sport at Silverstone, however, the new leaseholder will take over the Formula 1 contract that requires an annual hosting fee of around £14 million.
Redevelopment plans also include three new hotels and a museum in addition to the new Silverstone University Technical College. (SportBusiness)
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