Silverstone to seek outside investment

Silverstone’s owner the British Racing Drivers’ Club (BRDC) has given the green light to the circuit’s board to seek outside investment, as it looks to eventually win the rights back to host the British Grand Prix.

The members of the BRDC, which has owned the venue since 1971, on Tuesday voted “overwhelmingly” to grant the board powers to approach, and negotiate, deals for potential commercial investment in the circuit and its core land.

The only condition attached to any future deal is that it is in the interests of British motorsport and the BRDC.

BRDC president and 1996 world champion Damon Hill believes the decision will strengthen Silverstone’s future and give it the best chance to maintain the venue’s facilities and infrastructure at a high-standard.

“This vote is a significant result for the future of Silverstone,” Hill said in a statement



“Today’s EGM was not about selling Silverstone.

“BRDC members were voting on whether or not the Board should be authorised to approach and negotiate deals, with potential investors, on behalf of the Club.

“It is purely commercial.

“Silverstone is an international sports arena and we are continuing with plans to develop it in keeping with the very highest standards.

“The primary function of Silverstone will always be racing, hopefully with a Formula 1 British Grand Prix.”

Robert Brooks, chairman of the BRDC, added: “The resolutions proposed at this EGM called for the powers, granted to the Board at a previous EGM two years ago, to be extended to our core land.

“I am of course pleased with the outcome.

“It further illustrates the BRDC’s commitment to Silverstone and to the future of British motor sport.”

Silverstone is scheduled to be replaced as the home of the British Grand Prix after an unbroken 23-year sequence by Donington in 2010, after the Leicestershire track secured a 17-year deal to stage the event last year.

However, the continued uncertainty about Donington’s financial plans has seen Formula 1 supremo Bernie Ecclestone say the race will return to Silverstone next season if Donington fails to show it has the required funding in place by the end of September.