There is trouble at Silverstone with the news that the three directors of Silverstone Circuits Ltd have been suspended on full pay pending an investigation into the affairs of the company. Silverstone Circuits Ltd is owned ultimately owned by the British Racing Drivers’ Club, which owns the circuit. Around 760 acres of the land has been leased to the commercial property company MEPC to develop it as business parks. The remaining land, which is effectively the race track, was subject to an attempted management buyout earlier this year but the BRDC called off the deal when the bid could not deliver the required financing. As a result of that the chairman of Silverstone Holdings, who was leading the bid, resigned from his position in July.
“The BRDC are taking a closer role in the running of the Silverstone business, with a new operating structure between the Club and the circuit,” the BRDC said in a statement. “John Grant, chairman of the BRDC, and Lawrence Tomlinson, director of the BRDC, have assumed the role of joint acting chief executive of Silverstone Circuits Limited. Having reviewed the Silverstone business, they have embarked on an exciting programme of restructuring to make the business more streamlined, concentrating on their core competencies as a circuit operator and the home of the British Grand Prix. “Whilst we cannot comment on the suspension of senior executives at SCL, it should be noted that this is only coincidental to the restructure.”
The BRDC is a club made up of 850 motor racing figures, the majority of them drivers. Silverstone Circuits Ltd has a deal to host the British Grand Prix until the year 2027, but at a cost of around $20 million a year.
There are only three directors of the company: managing director Richard Phillips, Edward Brookes and David Thompson.