One of the most iconic British car manufacturers is considering spending tens of millions of pounds in order to buy Britain’s most iconic racing circuit.
According to the Financial Times, Jaguar Land Rover is preparing to offer a bid to buy Silverstone, the home of the British Formula One Grand Prix and one of the best-known circuits in the world.
Documents obtained by the publication show that JLR asked property consultants Cushman & Wakefield to draw up a valuation for the Northamptonshire-based track back in July.
Under the terms considered in the document, Silverstone would become the company’s home and would include a new heritage centre to display its cars, plus offices, hotels and a visitor centre.
It’s estimated that the market value for the circuit, its industrial units and land would be around £22.7 million, though a separate memo claims that JLR is considering offering up to £52 million.
Jaguar, which ran a Formula One team from 2000 until 2004, has not done so since, while Jaguar Land Rover’s parent company, Tata Motors, has previously sponsored the Ferrari team.
Jaguar Land Rover spokespeople said that they had no further comment at this time, but stated it’s looking to “invest and grow its business operations in the UK”.
Silverstone first hosted the British Grand Prix back in 1948, and was the first course to host a race in the then-newly created World Championship of Drivers two years later.
However, its recent history has been troubled, with a loss in income leaving bosses struggling to pay its annual Grand Prix fees of £16m, despite having made its highest profits in a decade last year.
Bernie Ecclestone, chief executive of the Formula One Group, said recently that the fee would not be reduced, even if that meant the course losing the race to a competitor.
According to the documents prepared by JLR and Cushman & Wakefield, it would also locate large parts of its core business to Silverstone in the event of a successful bid.
The British Racing Drivers Club, which currently owns the lease, would become a tenant of the circuit, while Silverstone Circuits Ltd, a subsidiary of the BRDC, would operate it on JLR’s behalf.
BRDC has previously explored a sale of the lease for Silverstone, but last year ended those discussions, saying it would not do so in the future without consulting its more-than-800 members.
