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.”
Silverstone boss in bizarre F1 attack
2016 British Grand Prix 'at risk' say reports
Use the red tabs on either side of the screen to scroll through more Formula One news and features
Click here for a gallery of the McLaren MP4-X
Keep up to date with all the F1 news via Facebook and Twitter
When F1’s radically redesigned 2026 cars finally roll out in Barcelona at the end of…
Max Verstappen has never been one to sugar-coat reality – and as Formula 1 braces…
Ferrari have survived decades of criticism about strategy calls, driver politics and pit stops that…
While the paddock has been whispering for months that Mercedes might be holding the winning…
Dan Gurney passed away on this day in 2018, and here at F1i we'll never…
What began as a painful reminder of loss has ended with a moment of profound…