The BDRC have signed a deal to lease the Silverstone Industrial Estate, as well as the development land around the outside circuit, to MEPC. Under the terms of the deal, the property company will take a 999-year lease at a cost of £32 million. This amount does not include the management or development of the actual circuit of the Northamptonshire venue.
These matters have been covered in a separate agreement, which is subject to a non-disclosure clause.
The BRDC has confirmed that it “has agreed terms with a suitable partner to further develop and invest in the circuit and circuit-related facilities. The aim is to bring these negotiations to completion before the Club’s Annual General Meeting on 4th October.”
The BDRC have used the funds to repay its long and short-term loans from Lloyds Banking Group and Northamptonshire County Council. The BDRC was given a mandate three years ago to attract partners to invest in Silverstone and help realise the full potential of its estate, which measures 760 acres.
During that time, the Board has considered several offers from credible parties. MEPC was chosen on the grounds of its financial standing and reputation, as well as the quality of the developments it has undertaken and continues to own. The price it was prepared to pay was also a consideration.
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