Two potential bidders for Silverstone, the home of the British Grand Pix, "have walked away from talks, raising fears for the future of the Northamptonshire racetrack," according to Sylt & Tovey of the London TELEGRAPH.
Both Jaguar Land Rover and entrepreneur Lawrence Tomlinson, who owns the Ginetta car company, "have given up on securing deals which could inject much-needed funding into Silverstone’s owner, the British Racing Drivers’ Club."
Their decisions come at a critical time for the BRDC, with its accounts showing cash reserves fell to just £9,000 at the end of '15. This a "huge drop" on the almost £650,000 it had in the bank at the end of the previous year and "continues the steady decline from a peak" of £21.1M in '08. JLR's plans "are thought to have included developing a heritage centre for its marques at Silverstone, but negotiations stalled in August when it came to light Porsche could block rival manufacturers from using the track for more than 45 days each year."
It is understood JLR "reversed out of talks for good on Friday, having decided a deal with the BRDC 'did not fit' with its business requirements."
A source close to the deal confirmed Tomlinson "was no longer in the running," adding he “had extended his offer on numerous occasions and October 31 was his final extension." The only remaining known bidder is Jonathan Palmer, owner of the Brands Hatch circuit in Kent (TELEGRAPH, 11/7).
