Ahead of next Wednesday's Extraordinary General Meeting of the British Racing Drivers' Club (BRDC), at which the future of Silverstone, including the proposed St Modwen/Northern Racing partnership, will be discussed, Alex Hooton has sent out the following list of 'FAQ' to members in attempt to clear up various points.

It's worth noting that the BRDC admits that the circuit could be reconfigured, which ties in with reports elsewhere that serious consideration is being given to the possibility of constructing several hundred homes. This of course comes at a time when the legendary Monza Autodrome is under threat - from nearby residents who are unhappy with the noise, even though they moved in after the race track was built.

The Q&A makes interesting reading:

In connection with the Extraordinary General Meeting to be held at The Jimmy Brown Centre on 22 February 2006 at 1.30 p.m.

Is this a "done deal"?

No. The terms of the proposed transaction were agreed with St. Modwen Properties PLC ("St. Modwen") and Northern Racing PLC ("Northern Racing") and incorporated in heads of terms signed on Friday 3 February, the day we called the EGM. These heads of terms do not commit any party to proceed with the proposed transaction but provide a basis for us to seek your support. If the Board does receive your support we will move forward to negotiate detailed agreements. These agreements will be subject to final Members' approval. The Board's current intention is to seek this approval at our Annual General Meeting scheduled for 28 April 2006, but it may well be at a prior or subsequent extraordinary general meeting depending on the timing of the negotiations with St. Modwen and Northern Racing.

Is this the best deal available?

Yes. The selection of St. Modwen and Northern Racing followed a rigorous and extensive tender process by KPMG Corporate Finance ("KPMG"). The Sub-Committee, KPMG and the Club's other advisers went through a formal process of evaluating each bid on its merits. The Board and KPMG regard the terms of the bids from St. Modwen and Northern Racing as being the best in the market.

KPMG will join us at the EGM to explain the tender process and why St. Modwen and Northern Racing were chosen as preferred bidders. We encourage you to join us on 22 February 2006 to hear what they have to say.

Are my rights as a Member safeguarded?

Yes. The protection of your rights has been and will remain a central concern to the Board in negotiating the transaction. A detailed description of those rights will be enshrined in the binding documents to be presented for your approval at the second general meeting. All parties are supportive of the Members retaining their existing rights and privileges at Silverstone. Furthermore, under the terms of the heads of agreement, both St. Modwen and Northern Racing have agreed that any variation to the Members' rights will require the Club's consent. Certain land (principally the Clubhouse) will be excluded from the leases to St. Modwen and Northern Racing and be retained by the Club.

What is the future for track days if Northern Racing takes control of the Silverstone Circuit?

Northern Racing are aware and supportive of the requirement to make the Circuit available for the purpose of BRDC Members' days race meetings, track days or charitable events.

Why don't we maintain the status quo?

The Board's firmly held view is that maintaining the status quo is not a realistic option for ensuring the long term future of the Club. The SCL team has taken great strides in improving the financial viability of our commercial operations at the Circuit since taking it back from IPG. However, present day Circuit operations are heavily dependent on the Grand Prix and involve substantial commercial risk and extensive on-going capital expenditure that maintaining the status quo simply cannot generate.

The recent loss of the Belgian Grand Prix from this year's calendar due to failure to complete capital works should serve as a warning to us all that tradition is no safeguard in the modern Formula One environment.

Why doesn't the BRDC voluntarily relinquish the Grand Prix?

Ultimately, of course, this question requires an analysis of the benefits to the Club in hosting the Grand Prix and the costs and risks of doing so. The Board believes that keeping the Grand Prix at Silverstone is consistent with the Club's object of promoting motorsport in Great Britain. It also believes that our position as host of the Grand Prix gives the Club greater standing in relation to motorsport issues. The value of Silverstone and the resultant commercial returns from its development is also enhanced because of its status as the home of the Grand Prix. The Board's view is that if the Club can be insulated from the commercial risk of running the Grand Prix, it is strongly in the Club's interest to retain it at Silverstone.

Why can't we develop the estate ourselves?