Silverstone has not received a formal bid from Jaguar Land Rover
On Thursday Silverstone Circuit said that it had not received a formal bid offer from Jaguar Land Rover (JLR).
The announcement came following media reports that the Indian-owned carmaker JLR had asked a property consultant to value the racetrack – suggesting interest in the circuit.
The British Racing Drivers’ Club (BRDC), which owns the track and surrounding land, said in a statement that it has received numerous approaches.
“Should an attractive offer be received from any party, the BRDC Board would seek a mandate from Club members before progressing it,” it added.
Silverstone is the current home of the British Grand Prix, which it first hosted in 1948.
The BDRC has been spent five decades developing Silverstone into Britain’s most high-profile track. In the 1950s it took over the lease for Silverstone and officially bought the track in the 1970s.
Any decision to sell Silverstone would have to receive approval from BRDC’s 850 members.
The circuit posted a pre-tax profit of £3 million last year, but struggled to pay its annual Grand Prix fees of £16 million.
A Silverstone spokeswoman was quoted by Reuters as saying that “there has been no formal offer received from JLR”.
Adding: “We continually look to invest and grow our business operations in the UK and constantly evaluate a wide range of opportunities which are confidential.”
The Telegraph said that JLR may be interested in using Silverstone as a “base” to showcase its growing range of vehicles, in addition to relocating major parts of its business to the area.
The Financial Times said in a report that JLR owner Tata Motors had already prepared a bid after property consultant Cushman & Wakefield valued the site. The report said that Silverstone would become JLR’s home with a ‘heritage centre’ to showcase new cars.
The FT obtained documents indicating that JLR has been looking into making a bid to lease the circuit for several months now.
The market value of the Silverstone circuit, surrounding land, and accompanying industrial units is approximately £22.7 million.