Silverstone has finalised a deal with Lloyds TSB Corporate Markets to enable it to host the British Grand Prix and MotoGP and redevelop the circuit’s pit lane, paddock and race track.
The deal, which was led by Steve Lyon from the Lloyds TSB’s Milton Keynes Corporate office, will see the bank provide a £26 million funding package.
In addition, the Silverstone board is continuing discussions with Northamptonshire County Council to secure a further £10m loan which will complete the necessary funding requirement to bring Silverstone up to the high standards of modern day circuits by providing fans and drivers of all forms of motorsport with world class facilities.
Speaking at the launch of the new Silverstone Grand Prix circuit today, Richard Phillips, Managing Director for Silverstone Circuits Ltd said: “This has been a crucial stage in Silverstone’s history and with the Grand Prix secured at the circuit until 2026, we needed a strong financial partner that would work with us in the long-term.
“The team from Lloyds TSB has demonstrated that they will do exactly that through their commitment to getting this deal done.”
In December last year, Silverstone agreed a 17-year deal with Formula 1™ to host the British Grand Prix from 2010 and so ensure that it wasn’t axed from the Formula 1 race calendar.
Kevin Stannard, area director for Lloyds TSB Corporate Markets in East Anglia and the South Midlands added: “This is the sort of deal which transcends the business world.
“Not only is Silverstone one of the most famous and popular racing circuits in the world, it also has a huge influence on the success of the local economy.
“We were impressed by the Silverstone team’s strategy and plans for the future of the circuit as a world class venue and are keen to do all we can to help Richard and the Silverstone Team to realise their vision.”
The new Silverstone Grand Prix Circuit was officially opened by His Royal Highness The Duke of York KG at an event hosted at the circuit by the British Racing Drivers’ Club (BRDC), president Damon Hill, chairman Robert Brooks and Silverstone Circuits Limited MD, Richard Phillips.