The British Racing Drivers' Club (BRDC), issued the following statement this morning:

The British Racing Drivers' Club (BRDC) can confirm that it has been approached with an unsolicited proposal from a property company, Spectre Developments Ltd, with a view to acquiring the BRDC's property and trading companies.

The Club has confirmed that a sale is not planned and that, since receiving the proposal, the BRDC has made contact with Spectre and its Managing Director Mr Oliver Speight.

As with all offers of this nature, the Club is keen to establish the details of the proposal in case it, or any part of it, may be of benefit within the context of the BRDC's own, established, self-funding Master Plan, designed to develop and safeguard the future of Silverstone.

The Silverstone Master Plan has already been presented by the BRDC to heads of local County Councils, District Councils, planners, higher education authorities and Regional Development Agencies on 20 March, 2007. It was well received, and has the backing of members and local government.

Following the speculation surrounding Mr Oliver Speight's proposal, BRDC board member and Chairman Stuart Rolt commented, "The British Racing Drivers' Club and Silverstone are engaged in a major development of Silverstone. The Silverstone Master Plan outlines how the BRDC intends to secure the British Grand Prix beyond 2009, and position the circuit as a centre of excellence and retain its position at the heart of motorsport valley.

"This is a very exciting time for Silverstone and the BRDC and, as is natural with this sort of activity, there is going to be speculative interest from third parties as plans develop.

"It is the intention of the BRDC Board to see through the planning process to secure the future of the British Grand Prix at Silverstone and to move forward to the greater good of Silverstone and the local community."

Minister for Sport, the Rt. Hon. Richard Caborn (right), spoke enthusiastically about the Master Plan when it was presented on 20 March, saying: "Silverstone is a world leader in many ways and should not be underestimated.

"The Master Plan really builds on the Silverstone brand and shows a great deal of potential. It outlines the beginnings of a major Centre of Excellence that will rank up there with any in the world helping to ensure the supply chain to this sector is maintained for years to come.

"The Master Plan is not only important to Silverstone and its continued hosting of the British Grand Prix, but also the development of the sport in this country. It gives a real opportunity to British Motorsport to realise its ambitions in the not too distant future."

BRDC President Damon Hill commented, "Our objective is to continue with development and improvements to keep up with the incredible pace, not only of Grand Prix racing, but of development generally in the automotive business. I don't think you can underestimate the effect the Grand Prix has on the environment and the industries; employment and also on the country. We very much hope that after today we can move forward to make Silverstone a place we can be really proud of in this country, not just for the BRDC, but also for the UK to beam motorsport and our event around the world.

"It is a fantastic thing to be a British Grand Prix driver and win your home Grand Prix, so we would very much like, as a Racing Drivers' Club, which the BRDC is, for that opportunity to be there for future generations."