Reports: Silverstone to be sold for redevelopment

Silverstone Grand Prix

Silverstone, The Northamptonshire race track, has been sold – which will pave way for Technology Park to be built besides the famous circuit, according to the Independent.

The identity of the buyer of Silverstone, which is home to the Formula One British Grand Prix, is unknown, but it is understood to be a real estate firm.

MEPC, a property group owned by the BT pension fund, was most recent company linked with a takeover of the track. It had offered reportedly £40m for a 850 acres of land.

Silverstone, until now, was owned by the British Racing Drivers Club (BRDC), which consist of more than 800 members including F1 stars Lewis Hamilton and Jenson Button.

BRDC has been trying to sell the land on 150-year lease with an aim to financially liberate the club from the British Grand Prix which has an annual hosting fee of £14m.

A senior motorsport personality, who is a BRDC member, told The Independent: “A deal has been done on Silverstone. I don’t know who bought it and I don’t know what the terms are, but it is absolutely categoric that a deal has been done and not due to be announced until next month probably.”

It is understood that BRDC’s plan for Silverstone is to construct a new business park, a technology hub, education campus and three hotels near the track.