Jaguar Land Rover-Silverstone deal close to conclusion
It has long been reported that the Jaguar-Land Rover (JLR) Group, which is currently under the ownership of Tata Motors, is trying to buy the iconic Silverstone racing circuit. The automaker’s ambitious plan has now taken an important step forward, as the British Racing Driver Club, who is the current owner of the racetrack, has voted in support for continuing talks with the British automobile manufacturer. This decision was taken after a board meeting organized on Thursday night.
Sources close to the developments suggest that the JLR Group wants to use the Silverstone circuit to display its rapidly expanding product portfolio. It can also be transformed to a leisurely spot centered around motorsports, including a high-class hotel put-up near the current spectator stands. There are also reports doing rounds about the staff being shifted to JLR’s current establishment in Midlands to the racing circuit located in Northamptonshire.
The JLR group was bought by the Tata Group in 2008, from the Ford Motor Co. in a £1.5 bn worth deal. Since this acquisition, the Jaguar-Land Rover group has constantly shown an unprecedented growth curve. The decision to buy the Silverstone circuit is the latest iteration of the automaker’s ambitious plans. Tata Group has reportedly invested more than £11 bn in the JLR companies, which has turned around the automaker’s fortunes and made it UK’s biggest automotive company.
It remains to be seen whether JLR is finally able to get its hands laid on the Silverstone circuit. And if it does, how would the company use the iconic racing circuit to enhance its own brand image and presence.