British car manufacturer Jaguar Land Rover could be set to purchase the legendary Silverstone race track as shareholders prepare to meet next week. The deal, said to worth around £25m, would see over 1000 staff members of Jaguar Land Rover take up residency there as well as a hotel and heritage centre. Silverstone is currently owned by the British Racing Drivers Club made up of 850 members including the likes of Lewis Hamilton, Damon Hill and Nigel Mansell but the organisation is struggling fund future development of the circuit.
£25m Sale Could be Close
Silverstone is contracted to host the British Grand Prix for the next decade but as this is the only race on the F1 calendar not to receive government funding, the owners need to find the £17.6m hosting fee from ticket sales alone. The iconic track would be a prize asset for Jaguar Land Rover, but any potential deal would need to be signed off by F1 owner Bernie Ecclestone, who need to approve any change in control of the track. The BRDC will be hoping to reduce the risk to the future of the circuit while Jaguar Land Rover will be hoping further their business operations in the UK.