05/09/2016
NEWS STORY
Jonathan Palmer is planning to make a bid to buy Silverstone. The former racer, and father of Renault driver Jolyon Palmer, is chief executive of MotorSport Vision (MSV), which owns Brands Hatch, Oulton Park, Cadwell Park and Snetterton.
Silverstone is owned by the British Racing Drivers Club (BRDC), a group of 850 motorsport personalities including Jenson Button and Lewis Hamilton, and has accrued £55.9m of net losses in the past five years. In February its chairman John Grant wrote to members to say "we have no cash reserves to fund future development of the circuit."
In April it was announced that Jaguar Land Rover (JLR) wanted to buy the circuit to use as a high-speed test track in a deal believed to be worth £33m. Though approved by the BRDC board, Porsche, which runs a driving centre at Silverstone, has veto over rival car manufacturers using the track for more than 45 days per year.
As the BRDC seeks to distance itself from the track with an eye on those increasing losses, Palmer could offer a solution.
"We are definitely interested in making an offer and have a lot of confidence in our ability to bring a great deal of stability to it and a vision for the future," he told the Daily Telegraph.
"The BRDC hasn’t approached me, but I’ve told them that I certainly want the opportunity to be invited to put a deal forward," he added. "On a number of occasions I have said that MSV would be interested in running Silverstone."
For reasons best known to itself, the BRDC has persisted with the JLR deal despite having circuit investors and operators amongst its members, Palmer, also a member of the BRDC, admitting that he only found out about a potential management buyout in 2013 through the media.
"My view has always been that an open tender process is needed to ensure the BRDC is achieving the best result for members whilst safeguarding Silverstone’s future, and we expressed our concerns about the club agreeing to the MBO without considering any alternatives. After the MBO fell away we heard nothing further, and the next thing we knew is that the JLR bid was going ahead, again without inviting MSV or others to put forward alternative proposals."
With the JLR deal having stalled, the BRDC board has resumed discussions with businessman Lawrence Tomlinson who has previously made a bid for Silverstone.
It has also called for further expressions of interest in the track, however Palmer claims that yet again he has not been asked. "Apparently a teaser document has been sent out but nothing has been received by MSV," he said.