Highlights

Silverstone not for sale, says Hill

(Reuters)
Updated: 2007-03-29 10:38

Silverstone's owners say the Formula One circuit is not for sale despite the emergence of a $110 million bid for the British Grand Prix venue on Wednesday.

"We are not planning to sell Silverstone," 1996 world champion and British Racing Drivers' Club president Damon Hill told the BBC Web site.

"It's quite common for property developers to approach anyone with a property and make a proposal and it would really fit into that category," he added.

"We said 'Silverstone is not for sale, we're in the middle of a property development procedure which involves co-operation from government and all the local authorities that Silverstone affects and that is an ongoing process. We're not being diverted from that," said Hill.

BBC Radio Northampton reported earlier that property company Spectre had written to members of the BRDC, who own Silverstone, proposing a 56 million pound ($110 million) takeover of the freehold of the club's property and trading companies.

The deal proposed an initial payment to the BRDC of 20 million pounds ($39.29 million), followed by a similar amount on approval by the local planning authority committee for development of the land.

There would also be payments of 20,000 pounds to each BRDC member, totalling roughly 10 million pounds, and an additional 6 million pounds to purchase land in Silverstone village.

The BRDC has its own plans to redevelop the former World War Two airfield and secure Britain's place on the Formula One calendar after the current contract expires in 2009.

A previous proposal to bring in cash via a development deal, that would have seen property firm St Modwen take on a 150-year lease of the land with horse racing track operator Northern Racing running the circuit, fell through last year.