One of the bidders to buy Silverstone from the British Racing Drivers Club may be about to pull out, according to media reports.

Lawrence Tomlinson, whose LNT Group owns Ginetta sports cars along with a number of additional international companies, has said that the lack of a response from the BRDC to his current bid is forcing him to reconsider whether to stay in the running.

"I have already extended the deadline on my offer a number of times but it’s getting to the point where it cannot be prolonged any longer," he told Forbes business magazine this week.

"It’s getting to the point where it cannot be prolonged any longer and I’ve had to put a final deadline for entering exclusive discussions.

"To have any chance of saving the circuit, a deal realistically needs to be concluded by the end of the year so the due diligence would need to kick off immediately.

"This means that if I don’t hear back from the BRDC within days to confirm we are entering exclusivity, my offer will be withdrawn."

A deal to sell Silverstone to Jaguar Land Rover for an estimated £33 million was announced in April, but the sale stalled after Porsche reportedly exercised a clause in its existing contract with the circuit to stop it being sold to a direct competitor.

The bidding process to buy Silverstone was reopened in August, with Tomlinson one of those putting in a formal bid. This week it's been reported that a second bidder, Jonathan Palmer's MSV Group which already owns four British circuits including Brand Hatch, has also officially tendered a proposal.

The BRDC says that it is being forced to sell the circuit because of a lack of funds, despite the sell-out success of this year's British Grand Prix. Unlike many venues around the world, Silverstone receives no government financial support and has to rely purely on ticket sales for operating capital to fund upgrades and future development.

If the current sale process continues to stall, an alternative might be for the BRDC to remain as the landlord of the circuit and raise funds by allowing third parties to develop on the site.

The BRDC is due to hold its Annual General Meeting next week, although it's believed unlikely that there will be although it is unlikely that there will be a formal vote on which approach or offer will be pursued.

TECHNICAL ANALYSIS: Nicolas Carpentiers checks out the latest innovations seen in Singapore

Scene at the 2016 Singapore Grand Prix

Quotes of the week - 2016 Singapore Grand Prix

2016 Singapore Grand Prix - Driver ratings

Keep up to date with all the F1 news via Facebook and Twitter

Andrew Lewin

Andrew first became a fan of Formula 1 during the time when Michael Schumacher and Damon Hill were stepping into the limelight after the era of Alain Prost, Nigel Mansell and Aryton Senna. He's been addicted ever since, and has been writing about the sport now for nearly a quarter of a century for a number of online news sites. He's also written professionally about GP2 (now Formula 2), GP3, IndyCar, World Rally Championship, MotoGP and NASCAR. In his other professional life, Andrew is a freelance writer, social media consultant, web developer/programmer, and digital specialist in the fields of accessibility, usability, IA, online communities and public sector procurement. He worked for many years in magazine production at Bauer Media, and for over a decade he was part of the digital media team at the UK government's communications department. Born and raised in Essex, Andrew currently lives and works in south-west London.

Recent Posts

Alpine double-podium in Brazil could deliver $30 million windfall

Alpine’s remarkable double podium at the São Paulo Grand Prix with Esteban Ocon and Pierre…

12 hours ago

F1i's Driver Ratings for the 2024 São Paulo GP

Alexander Albon, Williams (Did Not Start): 5.5/10 Alex Albon is definitely going through something of…

13 hours ago

Jos Verstappen rips British media after Brazilian Max fest

Jos Verstappen wasted no time after his son spectacular win at the São Paulo Grand…

15 hours ago

Leclerc left with ‘mixed feelings’ after disappointing Sao Paulo GP

Charles Leclerc's weekend in Sao Paulo was unfortunately a stark contrast to Ferrari's recent triumphs…

17 hours ago

Back when Kimi knew exactly what he was doing

Twelve years ago on this day, Kimi Raikkonen took a popular win at the 2012…

18 hours ago

Mercedes fined for starting grid tyre pressure infringement

The Mercedes team was hit with a fine by the FIA after Sunday’s Sao Paulo…

19 hours ago