The British Racing Drivers Club (BRDC) has agreed that details to expand and develop the Silverstone racing circuit will be announced before October of this year. The plans include building hotels and warehouses throughout various sections of the circuit.
The BRDC have agreed that property developers MEPC will invest in a 999 year lease on the Silverstone circuit and Industrial Estate in order to develop the land built around the iconic British racing track. The BRDC however have confirmed that the ownership and management of Silverstone will not be affected, the MEPC just own the lease that allows them to develop buildings around the circuit.
Silverstone holds numerous motor racing events throughout the year, including the Grand Prix's of Formula 1, MotoGP, Porsche Supercup, GP2 and Moto2.
A new University Technical College has also been confirmed as part of the new development process which will offer 14-19 year olds the opportunity to break into a new specialist field of high performance engineering and technical management. It has also opened as early as this month, enrolling students at the start of September 2013.
The initial plan for the development process is said to create permanent jobs for over 8,400 people interested in working at Silverstone.
The British Racing Drivers Club has been said to benefit off of the development scheme as it allows them to pay off loans from Lloyds Banking Group and Northamptonshire County Council. Not only this however, it also gives Silverstone its own unique technoogical development that no other circuit on the calender has.
Stuart Rolt, chairman of the BRDC, claims: "We have every confidence that their vision for our land will see the realisation of a high-quality development." MEPC director Chris Taylor agreed and claimed, "As a long-term investor we are delighted."
The British Racing Drivers Club assures the public that it will not affect management of the various Motorsports that take part in the rand Prix at Silverstone and also wants the public to rely on its reputation. Past presidents of the BRDC include those of triple World Champion Jackie Stewart as well as the 1996 world Championship winner Damon Hill.