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BRDC search for investors to speed up Silverstone development

As Silverstone is currently nearing completion of its new multi-million pound, state-of-the-art pit and paddock complex, named ‘The Wing’, which should be ready for this year's Formula one British Grand Prix. The British Racing Drivers’ Club (BRDC) have released further details of its plan to attract commercial investment to help ‘realise the full potential of Silverstone’ and its 760-acre estate. In a press release from the BRDC, they announce the new pit and paddock complex as “the first stage of an ambitious development programme that will transform Silverstone into a world-class, multi-purpose venue for motor sport, high technology development, training and education.” The British Racing Drivers’ Club has already took a step forward in fulfilling its aspirations, with the appointment of Pricewaterhouse Coopers, who will attract investment for a series of new initiatives on the site, including hotels, a hall of fame, young driver academies and an international-standard kart track. Speaking about the development process for Silverstone, chairman of the BRDC Stuart Rolt said: "The commercial potential of Silverstone and the estate is significant. With the new circuit, new pit and paddock complex and other existing key motor sport developments all funded, the time is right for the BRDC to consider potential investment from third parties who share our vision and can help us realise the full potential of Silverstone more rapidly. The redevelopment of Silverstone will be undertaken under the umbrella of the 'BRDC Members Charter'. This Charter requires that the race circuit is both protected and enhanced. Any developments around the venue and estate will thus go hand-in-hand with further improvements to the circuit and motor sport facilities." Rolt was quick to add that the circuit was still in strong financial health, saying: "We are seeking external investment to help us realise the full potential of Silverstone more quickly. We have asked Robert Brooks, previous Chairman, to lead the process. If we cannot find a suitable investor, or are unable to agree satisfactory terms on a deal, we will continue with the development ourselves, albeit at a slower pace." The continued redevelopment will also see Silverstone maintain its position as a major employer, creating further jobs in the region. “This is not just an investment in the venue”, added Rolt. “It is also an investment in the people at Silverstone. The circuit has the best and most experienced venue team in the world, running major international events such as the Formula 1 British Grand Prix, FIM MotoGP World Championship and Superbike World Championship – all of which performed well in 2010 – as well as the retail and corporate areas of the business. The business continues to grow and is a commercial success.”

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