Silverstone seeks new investors to back development planFeb 22, 2011
The British Racing Drivers Club wants to develop hotels, a development and technology park, enterprise zone, a motorsport Hall of Fame and academies on the 760-acre estate.
Work on the first phase of the circuit’s development – the pit and paddock complex The Wing – is nearing completion.
Now the BRDC has appointed business advisers PwC to prepare an information memorandum to be circulated to potential investors and has recruited former chairman Robert Brooks to lead the search for investors.
The Wing complex is the first stage of an ambitious development programme that will transform Silverstone into a world-class, multi-purpose venue for motor sport, high technology development, training and education.
BRDC chairman Stuart Rolt said that the continued redevelopment would mean Silverstone would remain a major local employer and bring more jobs to the region.
He added: “The commercial potential of Silverstone and the estate is significant. With the new circuit, new Pit and Paddock complex and other existing key motor sport developments all funded, the time is right for the BRDC to consider potential investment from third parties who share our vision and can help us realise the full potential of Silverstone more rapidly.
The redevelopment will be guided by the BRDC Members Charter, which requires that the race circuit is both protected and enhanced.
Any developments at the venue and estate will go hand-in-hand with further improvements to the circuit and motor sport facilities, the charter says.
Mr Rolt added: “We are seeking external investment to help us realise the full potential of Silverstone more quickly.
“If we cannot find a suitable investor, or are unable to agree satisfactory terms on a deal, we will continue with the development ourselves, albeit at a slower pace.”