Just days before its MotoGP round, the latest twist in the fortunes of Silverstone was unveiled today when mainstream news announced that Lloyds Development Capital were taking over the business of running events, including MotoGP and the F1 GP, from Silverstone Circuits.
This follows news that the British Racing Drivers Club, which owns the 850 acre Silverstone site, had agreed a proposal from property developers MEPC to a long term lease. It was said that the lease would be for 150 years and involved a payment of some £40m. The BRDC, which has ambitious plans for the site, including business parks, a technology centre and hotels, has been struggling under a mountain of debt, being made larger by interest costs and event losses
Lloyds Development Capital, the private equity arm of Lloyds Bank, have a connection with motor sport having recently been involved in the rescue of Cosworth Engineering, manufacturers of F1 engines.
MEPC, in which a major shareholder is the BT pension find, owns eight business and leisure parks in the UK.
"There is clearly a connection between these two deals. MEPC knows nothing about event management but will see great potential in the site. LDC is involved in a wide variety of businesses," said a City source.
No announcements have yet been made by the BRDC or other participants.
