Jaguar Land Rover is negotiating to buy the historic home of British motorsport – the Silverstone racing circuit in Northamptonshire.
The Coventry-based car maker is understood to have made a bid for the circuit which currently hosts the British Grand Prix.
The circuit is believed to be valued at almost £23million and if the deal goes through Jaguar Land Rover is thought to have major plans for the site.
It wants to create a five-star hotel, a Jaguar Land Rover heritage centre, motor industry museum, vehicle design workshop, offices and a visitor centre at the Northamptonshire venue.
A source close to Jaguar Land Rover said: “They have been trying to buy Silverstone for a while now. Talks are still ongoing an the deal isn’t sealed yet.
“They are interested in it for testing cars and the motorsport side.”
Talks between the car maker and the British Racing Drivers’ Club are continuing, the Telegraph understands, with the board of parent company Tata Motors having already given the green light.
Silverstone’s managing director said in September the future of Formula One’s British Grand Prix was at risk without major investment in the race track.
It is understood any agreement would allow Silverstone to remain the home of motorsport, with events such as the Grand Prix, Moto GP, World Superbikes and the British Touring Car Championship remaining at the circuit, which has hosted the British Grand Prix since 1948.
Automotive sector experts have welcomed the news, claiming JLR could attract car enthusiasts from around the world.
Coventry University automotive expert David Bailey said the deal would be a good move for Jaguar Land Rover.
He said: “I think this makes sense on a number of levels.
“The whole experience side of buying a premium car is becoming more important.
“They are offering a service as well as a new car.
“The opportunity to have heritage vehicles at a site like Silverstone would be a very attractive proposition internationally.
“And there is a big cluster of motorsport activity there. JLR would be tapping into a lot of expertise and linking better with motorsport.”
Jaguar Land Rover’s plans for Silverstone are also thought to include using it as a base for up to 1,000 sales and marketing staff and 700 engineers.
The car maker’s offer has been made to the British Racing Drivers’ Club, a group of 850 members including Formula One drivers Jenson Button and Lewis Hamilton, for the 249-year leasehold of Silverstone, which first hosted the British Grand Prix in 1950.
A spokesman for Jaguar Land Rover said: “Jaguar Land Rover continually looks to invest and grow its business operations in the UK. We constantly evaluate a wide range of opportunities which are confidential.
“We have no further comment to make on this matter.”
