Ecclestone backs Qatari consortium’s bid to take over Silverstone
October 31st, 2011 - 8:04 pm ICT by IANSLondon, Oct 31 (IANS) Formula One supremo Bernie Ecclestone has backed Qatari-funded The Alpha Group’s bid to take over control of Britain’s iconic racing circuit Silverstone for the next 150 years.
Ecclestone believes it would be “wonderful” for Silverstone if a consortium funded through Qatar completes the deal. The Daily Telegraph reported that The Alpha Group is a frontrunner in negotiations with the British Racing Drivers’ Club (BRDC), which has owned Silverstone for the last 60 years.
According to reports, the group has put down a 1 million pound non-refundable deposit to secure a period of exclusivity as preferred bidder.
The BRDC is looking out for investment for the redevelopment of the track and surrounding land. This year new pits and paddock complex, dubbed the Silverstone Wing and built at a cost of 27 million pounds, was opened. BRDC also has ambitious plans to develop the site and build a hotel and conference centre, go-kart track and a University Technical College.
If the deal is sealed, The Alpha Group will end up paying an annual rent of around 2.5 million pounds, while taking on BRDC debt of 23.5 million pounds. The Qatari group also has to commit on spending at least 50 million pounds for developing the circuit.
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