Legendary Formula One circuit Silverstone could be acquired by Jaguar Land Rover, recent reports say. After making some inquires about the value of both the circuit and the land, if everything goes according to plan, Jaguar Land Rover wants to set its headquarters there and build facilities such as offices, a heritage center, a hotel, and a visitors center. The circuit is now owned by The British Drivers Club and it would need the approval of its 850 members if they want this deal to go ahead. These members have declined similar offers in the past, although it is already known that The British GP is no longer bringing profit and it is struggling to pay the exorbitant Grand Prix fees asked by the F1.
Silverstone Circuit is one of the most popular tracks in the world and has been dubbed The Home of British Racing due to its long presence in the motorsport world, since 1948 to be more precise, when it hosted the British GP. In 1950, it was the first track to host a race of the World Championship of Drivers. Also, it is one of the seven original circuits from the F1 calendar.
Although knowing the heritage of this circuit and its place in racing history, Bernie Eclestone, chief executive of the Formula 1 Group, recently stated that the fees would not be reduced even if it meant Silverstone would lose the chance to host F1 events. It is a known fact that Eclestone became more and more interested in the Middle East and Asia and he is trying to concentrate his business more on these areas, leaving the European tracks out of his attention.
This legendary circuit is not the only one to face problems due to the high fees they have to pay in order to keep hosting F1 races. Imola, Home of the Italian GP, mostly known because of the terrible incident in which the three-time World Champion and one of the best drivers in history, Ayrton Senna, lost his life, is in the same situation as the British track.
According to property consultant Cushman & Wakefield, as quoted by the Financial Times, the Silverstone circuit is believed to be worth £22.7 million.