Jaguar Land Rover is currently in talks to purchase Silverstone Circuit, the historic U.K. track that’s home to the British Grand Prix. The automaker’s bid for the track is thought to be valued at nearly 23 million pounds (roughly $34.7 million), according to The Birmingham Mail.
In September, Silverstone’s managing director said the future of Formula 1’s British Grand Prix was at risk if a major investor for the track could not be found. JLR apparently wants to be that investor, hoping to build a five-star hotel, heritage center, car museum, vehicle design studio, offices, and visitor center on the property. The negotiations are still in progress, but JLR’s board has reportedly given the green light to buy the track.
The agreement would allow Silverstone to continue to host events for Formula 1, Moto GP, World Superbikes, and the British Touring Car Championship. JLR would also use the site as a base for up to 1,000 sales and marketing staff and 700 engineers, who would have access to the track for testing purposes.
The British Racing Drivers’ Club, the 850-member organization that controls Silverstone and includes F1 stars Lewis Hamilton and Jenson Button, has received an offer for the 249-year lease of the track. Silverstone has a contract to host the British Grand Prix until 2026, but a clause in that agreement allows it to be terminated as early as next year. The track has struggled to keep up with the high costs associated with F1, so a deep-pocketed investor like JLR could be just what it needs to stay in business. The move could also benefit JLR’s road car and motorsports development.
Source: The Birmingham Mail
The post Report: Jaguar Land Rover in Talks to Buy U.K.’s Silverstone Circuit appeared first on Motor Trend.
from Motor Trend http://ift.tt/1Nsm0sB
No comments:
Post a Comment