Silverstone Receives £56m Takeover Bid

Property developer Oliver Speight has lodged a £56m takeover bid for the Silverstone motor racing circuit through his Spectre company.

Speight tabled the offer with the British Racing Drivers’ Club, with a view to maintaining the race track but developing the surrounding land.

Speight’s offer includes plans to retain the British F1 Grand Prix at the venue with the proposal set for the freehold of the BRDC’s property and trading companies.

Silverstone’s place on the F1 calendar has been the subject of speculation for a number of years with the circuit in need of major refurbishment.

However, Silverstone’s immediate future was secured in December 2004, when a five-year deal for the Grand Prix was agreed with F1 supremo Bernie Ecclestone.

Last week a number of potential investors and top sporting officials, including Minister for Sport Richard Caborn, were invited to a meeting at the circuit where renovation plans were laid down.

Speight’s timely offer includes an initial payment to the BRDC of £20m upon completion of the acquisition and a further £20m upon approval by the local planning authority of the intended development masterplan.

The takeover bid also includes additional payments of £20,000 to each full and life member of the BRDC, a sum that totals £10m in full.

The bid also outlines an extra £6m for land in Silverstone village.