Silverstone deal allows owners to pay back Northamptonshire County Council loan

Cars line up on the grid for the start of the 2013 Santander British Grand Prix at Silverstone Circuit
Cars line up on the grid for the start of the 2013 Santander British Grand Prix at Silverstone Circuit

Silverstone has announced a deal with commercial property company MEPC to develop the land around the Northamptonshire circuit.

MEPC have paid £32million for a 999-year lease on the Silverstone Industrial Estate and the land around the outside the circuit, on which planning permission has already been granted.

The track, which hosts the British Grand Prix, will not be affected.

The deal has allowed Silverstone’s owners, the British Racing Drivers’ Club (BRDC), to pay off its long and short-term loans from Lloyds Banking Group and Northamptonshire County Council used for alterations made to the track layout in 2010, and the completion of ‘The Wing’ pit complex in 2011.

Stuart Rolt, the BRDC chairman, said: “We have every confidence that their vision for our land will see the realisation of a high-quality development, which will add to the ever-growing status of Silverstone as a world-class centre for motor sport and vehicle engineering.

“We are also confident that in MEPC we have a partner which fully appreciates the status of Silverstone as a race circuit, its history, the ethos of the BRDC and the importance of doing everything to ensure that reputation is enhanced in the future.”

Chris Taylor, Chairman of MEPC, added: “As a long term investor we are delighted to have secured this opportunity to create a large, commanding commercial estate with a key technology driver which will benefit hugely from its location, infrastructure and association with the home of world motor racing at Silverstone.”

The BRDC also confirmed it has agreed terms with a suitable partner to further develop and invest in the circuit and circuit-related facilities, with further details set to be revealed in October.