Iconic marque Jaguar is in talks with Silverstone about the potential acquisition of the cash-strapped British Grand Prix venue, reports The Times.
The Northamptonshire circuit was given a major overhaul in 2012 under the initiative of the British Racing Drivers’ Club (BRDC), and currently holds a contract to host Formula One until 2025.
However, paying for facility upgrades have left Silverstone in a dire financial situation, with the track currently in arrears in paying its hosting fee of around £16 million per year for the F1 event.
Circuit managing director Patrick Allen declared a few months ago that the venue was looking for “somebody who has got lots of money, who loves motor racing, who really wants to run Silverstone profitably.”
According Britain’s The Times, Jaguar Land Rover, which now belongs to Indian giant Tata Motors, is looking to make a bid in order to take over Silverstone.
“We continue to assess investment opportunities to increase our presence in Britain,” said a spokesman for the brand. “This assessment is ongoing and covers many opportunities, but it remains confidential at this stage.”
Earlier this week, the BRDC released the following statement:
“The BRDC considers approaches that are made by parties interested in the resumption of the Silverstone circuit for its part the valiant English club.
“If an attractive offer presented itself, we could take it into account but it will be to club members decide. The key is to ensure the sustainability of the track and guarantee the future of the Grand Prix.”
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