Silverstone unveils plan to fight off bids
Wednesday 31 March 1999
Silverstone holds the licence from Bernie Ecclestone - an honorary member of the BRDC - to run the British Grand Prix until 2001, when the contract is due to be renegotiated. The club plans to build a pounds 15m luxury hotel overlooking the racetrack and a 400,000 square foot hi-tech business park next door.
Lord Hesketh, BRDC president, said the plans, formulated with Dresdner Kleinwort Benson, were designed to "protect the club, protect Silverstone and enfranchise the members".
Under the restructuring the core assets of the BRDC, chiefly the Silverstone racetrack, will be ring-fenced and a board of guardians appointed to oversee them.
The club will retain the track's freehold and rent it to a new company, Silverstone Circuits Group (SCG), which will commercialise the club's operations.
At least three parties have expressed an interest in taking over Silverstone: Tom Walkinshaw, owner of TWR; Nicola Foulston, owner of rival track Brands Hatch; and John Lewis, a former BRDC director.
The BRDC was founded after the Second World War for racing drivers such as Stirling Moss and Jack Brabham, and to promote British racing. Its emergence as a potentially lucrative bid target has taken many of its 834 members by surprise.
The club's members, comprising 526 current and former racing drivers and 308 associated and honorary members, will be able to buy shares in SCG. Lord Hesketh said the company may float in around five years' time, giving members such as Jackie Stewart, Damon Hill and Martin Brundle a possible payout.
"We will make a presentation to members at the annual meeting on 23 April and then there will be an extraordinary meeting for them to vote on the proposals," said Lord Hesketh, who himself built Grand Prix cars and ran the team for the late James Hunt in the 1970s.
- 1 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 2 Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
- 3 Germanwings plane crash: I have depression. That doesn't make me a psychopath
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Germanwings plane crash: Investigators may have already found remains of suspected killer co-pilot Andreas Lubitz
Children take eight Isis captives to be beheaded in latest propaganda video
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...