Silverstone confirms development deal
11 September 2013 – The British Racing Drivers' Club (BRDC) has announced a long-term lease deal with commercial property company MEPC to develop land around the Silverstone circuit.
The 999-year agreement, priced at 32 million pounds, has allowed the BRDC to pay off its loans from Lloyds Banking Group and Northamptonshire County Council.
Stuart Rolt, Chairman of the BRDC, said consideration had been given to a number of investment offers "from credible parties" over the past three years, before explaining: "We are delighted to have reached an agreement with MEPC, which was selected on the grounds of its financial standing, reputation, the quality of the developments it has undertaken – and continues to own – and the price it was prepared to pay."
Rolt added: "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."