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Reports: Silverstone Circuit sold

Aug 17, 2013, 2:15 PM EDT

Mercedes Formula One driver Hamilton of Britain drives into the pit lane during final practice ahead of the British Grand Prix at the Silverstone Race circuit Reuters

Reports have emerged in the last twenty-four hours stating that Silverstone Circuit, home of the British Grand Prix, has been sold in order to allow a development programme to begin at the complex.

The track has undergone numerous changes in the past five years after almost losing the hosting rights for the race to Donington Park. However, after financial problems dogged Donington’s efforts to host a grand prix for the first time since 1993, Silverstone underwent a large development programme that saw the construction of a start/finish straight, and an alteration of the layout to make the track longer. As a result, the circuit held on to the rights to host the British Grand Prix, but of late financial problems have hindered any hopes of development.

However, this appears to have been resolved thanks to the sale of the circuit, which was confirmed by a source within the British Racing Drivers’ Club to The Independent.

“A deal has been done on Silverstone,” the source revealed. “I don’t know who bought it and I don’t know what the terms are, but it is absolutely categoric that a deal has been done and not due to be announced until next month probably.”

The deal is thought to allow an extensive upgrade in facilities take place, with Silverstone still lagging behind many of its European rivals such as the Nurburgring and the Red Bull Ring in Austria, with the latter joining the calendar next season.

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