 "Jaguar Land Rover examining bid for Silverstone racing circuit, says FT")
Tata Motors-owned Jaguar Land Rover (JLR) is examining a bid to buy the Silverstone racing circuit, the home of the British Formula One Grand Prix.
The Financial Times reported that the luxury carmaker has prepared a bid worth tens of millions of pounds but that it was “not a done deal” yet. The report also said that JLR’s own memo indicated that the company could be looking at a figure as high as £52 million; however, the terms associated with the figure could not be ascertained.
Cushman & Wakefield, according to The Financial Times report, pegged the market value of the circuit, industrial units and land for potential development at £22.7 million. According to the same report, under the deal Silverstone will become JLR’s headquarters and will host a "heritage centre” for displaying the company’s cars along with offices for 1,000 staff members.
According to a September 2015 Sky Sports report, Silverstone, one of the most iconic racing tracks in the world, is struggling to pay the Grand Prix fees because of a decline in rental income.
Bernie Ecclestone, CEO of the Formula One Group, which organises F1 races worldwide, has said that the fee will not be revised down, even if it means Silverstone losing hosting rights.
The British Racing Drivers' Club (BRDC) owns the lease to Silvertstone and according to Autosport.com BRDC’s 850 members will have to approve the deal.
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Birmingham Mail quoted a source close to JLR saying: “They have been trying to buy Silverstone for a while now. Talks are still ongoing and the deal isn’t sealed yet. They are interested in it for testing cars and the motorsport side.”
Speaking to the Birmingham Mail, JLR’s spokesperson declined to comment on Silverstone. “Jaguar Land Rover continually looks to invest and grow its business operations in the UK. We constantly evaluate a wide range of opportunities which are confidential,” he said.