Sidecar racers have the biggest cojones
This does not look that good for Silverstones planned developments.
SILVERSTONE'S owner, the British Racing Drivers’ Club, is dependent on its lending banks to remain a going concern, its latest accounts show.
The British Racing Drivers’ Club (BRDC), which is owned by 850 racing personalities including Jenson Button and Nigel Mansell, has been driven into its current predicament following significant investment in the venue.
In December 2009, Silverstone signed a last-minute 17-year deal with Formula One’s boss Bernie Ecclestone to prevent the British Grand Prix, which is being staged this weekend, from being cancelled after Leicestershire’s Donington circuit failed to honour its contract to host the race.
Since then the BRDC has burnt through its cash and secured loans from Lloyds Banking Group and Northamptonshire County Council to fund a new pit and paddock complex.
Accounts for the year ending December 31, 2010, show its creditors more than doubled to £35.6 million and cash in the bank fell £16.4 million to £3.5 million. Silverstone has engaged PricewaterhouseCoopers to secure new investors which will ensure that its expansion plans stay on track.