While the circuit is bankrupt, its owners, the 829 members of the British Racing Drivers Club, will meet for their annual general meeting this week. On the program, the sale of this historic track and its installations.
Competition began there in 1948. The first British F1 Grand Prix, won by Giuseppe Farina, took place in 1950, then came motorcycling with all the greats from Geoff Duke to Valentino Rossi via Mike Hailwood.
Several purchase offers were made, firstly by Jaguar Land Rover, owned by the Indian group Tata Motors. But the rival manufacturer didn't like it Porsche, which has a presence on site, and does not want to give up his contract which gives him the right to 45 exclusive days of use of the track per year.
A second offer came from the businessman Lawrence Tomlinson, owner of Ginetta racing cars. What would have been seen as a welcome intervention – his offering lacks the JLR/Porsche complication – was not so by all. Some BRDC members are said to dislike this 52-year-old millionaire who started at the bottom of the social ladder. Tomlinson's fortune (in excess of £500 million) comes not from his racing car factory, but from his company LNT, which specializes in home care for the elderly.
The third proposition comes from Jonathan Palmer, owner of Motorsport Vision which organizes, among other things, the British Superbike Championship. Palmer acquired the Brands Hatch, Oulton Park, Cadwell Park and Snetterton circuits in 2004 from sports marketing agency Octagon, a subsidiary of the Interpublic Group, when it went bankrupt. Its American owners had paid £120 million to the Foulston family for these tours, but Palmer's offer of around £20m was gratefully accepted by Octagon's liquidator. As one of the few money-making track owners in the world – most of the others surviving on government and regional subsidies – he is perhaps the one who should be in pole position for this takeover.
However, there are problems. It is very likely that many of the old guard of the BRDC do not like this ex-F1 driver (too successful) who never wanted an F1 or MotoGP race on his circuits, because he could not win 'money. And owning six circuits, if you include Bedford Autodrome, could attract the attention of the Competition Commission.
It is said that Palmer could let the BRDC organize the F1 Grand Prix, but it remains to be seen what Bernie Ecclestone would think, with the arrears payment for the British F1 Grand Prix amounting to £18m. For MotoGP, the situation is even more confusing. Currently, Silverstone's funding for the motorcycle Grand Prix is provided by the Circuit of Wales. But how long will the Welsh Government continue to pay Silverstone and the cost of the board (£4m) at Dorna?
The decision will soon be made. If Jaguar Land Rover can come to terms with Porsche and its demand for 45 days of track time, its £33m bid may win. Tomlinson's proposal is not unattractive, with an initial payment of £6m, payment of all debts, and the granting of a 249-year lease at £1m per annum indexed. But don't overlook Jonathan Palmer.
Source: Robin Miller for bikesportnews.com
BRDC website: http://www.brdc.co.uk/
