Jaguar Land Rover pulls out of deal to buy Silverstone

Tata Motors-owned Jaguar Land Rover has withdrawn itself from the running for the purchase of Silverstone, following unsuccessful discussions with the circuit’s current owner, the British Racing Drivers' Club (BRDC).

In a statement issued today, the carmaker, which had reportedly offered £33 million (Rs 270 crore) for the site, said: “Jaguar Land Rover has ended discussions with the British Racing Drivers' Club for the foreseeable future and is not proceeding with any plans to either lease or purchase Silverstone at this time.”

While no reason for the decision has been given by JLR, it's thought that it and the BRDC were unable to come to an agreement that met both parties' requirements.

Also bidding for the circuit’s purchase was the boss of Ginetta, Lawrence Tomlinson, but he too is now out of the running.

"Lawrence had extended his option until 31 October, but his offer lapsed when we hadn't made a decision by then,” BRDC chairman John Grant told Autocar’s sister title Autosport.

"The JLR deal was the only one that would have enabled us to retain control of the Silverstone business.”

It can be recalled that JLR’s interest in buying Silverstone was first reported in December last year.

JLR’s campaign hit a block earlier this year when Porsche, which owns a driving centre located next to the track’s Hangar Straight, reportedly used a covenant within its lease that allowed it to stop a rival manufacturer from using the circuit for more than 45 days a year.

Motorsport Vision (MSV) boss Jonathan Palmer remains a strong candidate for ownership of Silverstone. The former F1 driver said to the Telegraph earlier this year: “The BRDC hasn’t approached me at all, but I’ve told them that I certainly want the opportunity to be invited to put a deal forward.

“On a number of occasions, I have said that MSV would be interested in running Silverstone.”

BRDC chairman Grant also told Autosport that another party is in the bidding for Silverstone, stating that it was "a substantial overseas investor with long-established interests in the UK".

Source: Autocar UK