Silverstone Circuit Seeks Investors
As the first stage of Silverstone Circuit’s race track development nears completion, the British Racing Drivers’ Club (BRDC) has today released further details of its plan to attract commercial investment to help realize the full potential of Silverstone and its 760-acre Estate.
The Pit and Paddock complex is the first stage of an ambitious development program that will transform Silverstone into a world-class, multi-purpose venue for MotoGP, World Superbikes, British Sueprbike, motorsports racing, technology development, training and education.
The BRDC has appointed the Big 4 accounting, tax and advisory firm PriceWaterhouseCooopers (PwC) to prepare an information memorandum, which will be circulated to appropriately qualified potential investors that are prepared to share the Club’s vision, primarily to develop Silverstone as a premier racing destination.
In addition, they will help develop plans to include facilities such as hotels, a Hall of Fame to celebrate world motorsport, international and young driver academies, simulation motor sport training, a development and technology park, an enterprise zone, international kart track and off-road facilities, all of which will be added to the venue’s existing thriving business.
Stuart Rolt, Chairman of the BRDC, said, "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 realize the full potential of Silverstone more rapidly.
"The redevelopment of Silverstone will be undertaken under the umbrella of the ‘BRDC Members Charter’. This Charter requires that the race circuit is both protected and enhanced. Any developments around the venue and Estate will thus go hand-in-hand with further improvements to the circuit and motor sport facilities."
The continued redevelopment will also see Silverstone maintain its position as a major employer, creating further jobs in the region. "This is not just an investment in the venue", added Rolt.
"It is also an investment in the people at Silverstone. The circuit has the best and most experienced venue team in the world, running major international events such as the Formula 1 British Grand Prix, FIM MotoGP World Championship and Superbike World Championship – all of which performed well in 2010 – as well as the retail and corporate areas of the business. The business continues to grow and is a commercial success."
Reiterating the circuit’s healthy financial state, Rolt concluded, "We are seeking external investment to help us realize the full potential of Silverstone more quickly. We have asked Robert Brooks, previous Chairman, to lead the process. 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."Google+