At an extraordinary general meeting, the club’s 820 members voted by a slender majority in favour of moving forward with negotiations with JLR.
The next stage is for JLR and Silverstone to discuss the logistics of the deal in terms of finances and length of lease. It has been reported that JLR would pay around £33m to the BRDC in instalments and is seeking a 249-year lease, but this has not been officially confirmed by the manufacturer.
JLR intends to make Silverstone the company’s headquarters in the UK, with plans to develop a heritage centre, museum display, design workshop, hotel and customer handover buildings featuring as part of the proposal. In total, there would be offices for around 1000 staff.
A statement from JLR confirmed only that the company is, “exploring potential options at Silverstone with the BRDC, but it is too soon to share details at this stage. All discussions remain confidential.”
Under the deal, it is likely that the BRDC would become a tenant of the circuit and Silverstone Circuits Ltd (SCL), a operating company that is a subsidiary of the BRDC, would then run the track on JLR’s behalf.
As such, racing activities are expected to continue to be held at the venue if the deal goes ahead, including the loss-making British Grand Prix. Under the deal, the SCL is likely to retain the contract with Formula 1 Management (FOM) to host the grand prix until 2026.