Jaguar Land Rover (JLR) has withdrawn itself from the running for the purchase of Silverstone, following unsuccessful discussions with the circuit’s current owner, the British Racing Drivers' Club (BRDC).
In a statement issued today, the car maker, which had reportedly offered £33 million for the site, said: “Jaguar Land Rover has ended discussions with the British Racing Drivers' Club for the foreseeable future and is not proceeding with any plans to either lease or purchase Silverstone at this time.”
While no reason for the decision has been given by JLR, it's thought that it and the BRDC were unable to come to an agreement that met both parties' requirements.
Also bidding for the circuit’s purchase was the boss of Ginetta, Lawrence Tomlinson, but he too is now out of the running.
"Lawrence had extended his option until 31 October, but his offer lapsed when we hadn't made a decision by then,” BRDC chairman John Grant told Autosport.
"The JLR deal was the only one that would have enabled us to retain control of the Silverstone business.”