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Published: 13:48 | 14/2/16

Silverstone set for £25m sale

Shareholders will discuss the potential £25m sale of Silverstone, home of the British Grand Prix, next week.

The track, which has a contract to stage the British Grand Prix until 2026, is owned by the 850-person British Racing Drivers Club, which including former F1 world champions Nigel Mansell, Damon Hill, Jenson Button and the current world champion, Lewis Hamilton.

The British GP is the only race on the F1 calendar to receive no government funding, so the owners have to find the £17.6m hosting fee from ticket sales alone.

"Our balance sheet is still too weak to support a high-risk £50m-plus turnover business and we have no cash reserves to fund future development of the circuit," BRDC chairman John Grant said on Friday.

Silverstone’s managing director Patrick Allen said in September that he would ask the BRDC to seek new investment, but F1 owner Bernie Ecclestone must sign off on any potential deal as the British GP contract states that he needs to approve any change in control of the track.

Jaguar Land Rover are front-runners to buy the iconic track, which hosted the first race of the Formula One championship in 1950.

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