Silverstone shelves plan to sell circuits business

LONDON Wed May 7, 2014 9:59am EDT

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LONDON (Reuters) - Negotiations to sell the company that runs the Silverstone Formula One circuit have ended without agreement, the British Racing Drivers' Club (BRDC) said on Wednesday.

The BRDC, which owns the land, said its board had decided to shelve efforts to sell Silverstone Circuits Limited for the time being at least.

The talks with an unidentified investor had been for the lease of the circuit land and sale of its wholly-owned subsidiary.

The BRDC has already completed a separate 32 million pound ($54.38 million) deal with property developer MEPC for a 999-year lease on the Silverstone Industrial Estate and development land around the outside of the British grand prix circuit.

That deal allowed the BRDC to pay off all its borrowings and the second deal would have been to develop the circuit.

(Reporting by Alan Baldwin, editing by Justin Palmer)

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