Jaguar and Ginetta boss drop out of race to buy British GP venue

The future of Formula 1's British Grand Prix could still be secured, despite two potential buyers pulling out of negotiations with Silverstone owner the British Racing Drivers' Club.

Jaguar Land Rover and Ginetta boss Lawrence Tomlinson had been two of the four parties known to be in negotiation with the BRDC concerning the future of the GP venue.

BRDC president Derek Warwick stated in September that the cost of the GP was becoming financially unviable, heightening the importance of a deal.

But BRDC chairman John Grant told Autosport: "Discussions with JLR have been terminated because we couldn't come to a deal that met their requirements as well as ours.

"Lawrence had extended his option until October 31 but his offer lapsed when we hadn't made a decision by then.

"The JLR deal was the only one that would have enabled us to retain control of the Silverstone business.

"All of the others want to buy Silverstone Circuits Ltd, the business that runs the track."

Despite the setbacks, Grant believes a potential deal could still provide the finances required to retain the GP.

MotorSport Vision boss Jonathan Palmer is one of the two parties still with offers on the table.

Grant also pointed to potential changes in Formula 1, chiefly its recent purchase by the Liberty Group, as helpful developments.

"The changes could provide a better economic balance for circuit owners and it would be up to any potential new owner to decide on the future of the GP," added Grant.

"The financial position of the BRDC is not strong enough to support a high-risk business like the British GP — that's why we have been looking for a partner with deeper financial pockets.

"We think the GP is worth hanging on to, but it has to be on a common sense basis."

Although he could not name the fourth party interested in purchasing Silverstone, Grant did say it was "a substantial overseas investor with long-established interests in the UK".