Silverstone owners cite F1 takeover in U-turn over sale of British Grand Prix home
Silverstone’s owners have abandoned plans to sell the iconic racing track, home of the British Grand Prix for the last three decades.
The British Racing Drivers Club (BRDC) said it made the decision following the $8bn (£6.4bn) takeover of Formula One by Liberty Media earlier this year.
Jaguar Land Rover had been among the suitors for the Northamptonshire circuit as the BRDC sought investment to safeguard its place on the F1 calendar, but chairman John Grant said the organisation’s board had decided to “continue on a go-it-alone basis”.
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“After further reflection and, in particular, completion of the sale of Formula 1 to Liberty Media, [the] Board has now decided to shelve discussions about a sale,” he said.
“While this is not without risk, we feel sufficient confidence in the improved prospects for our business to justify this change of direction.”
F1’s new chief executive Chase Carey moved quickly last month to quell fears that the British Grand Prix could disappear from the calendar, after the BRDC raised concerns over the cost of staging the event.
Silverstone first hosted the race in 1950 and has done so every year since 1987. Its current contract contains an option to end the deal in 2019 but notice would have to be served before this year’s race.