F1 Explainer: Silverstone ‘under construction’
Tuesday, May 2nd, 2006Before the start of any new Formula One season it seems that Silverstone is always in the news. Usually the news item involves Bernie Ecclestone commenting on the poor conditions at the famous home of the British Grand Prix and then he invariably threatens to take the race away from Silverstone. Well this year it seems the board of governors of the BRDC decided to beat Bernie to the news wire by announcing late in 2005 that they are planning a massive £600 million overhaul of the facilities. The BRDC (British Racing Drivers’ Club) is a non-profit member’s club which owns and operates the Silverstone track and facilities. There are roughly 500 voting members of the BRDC. Club chairman Stuart Rolt announced in October 2005 that the overhaul was necessary to meet the “club’s objectives of keeping the British Grand Prix and optimising members’ facilities at the circuit.” Despite having secured the right to hold the British Grand Prix until 2009 the BRDC felt the ever present pressure from F1 commercial rights holder Bernie Ecclestone to improve the aging facilities or risk having their contract invalidated.
However this is Silverstone and nothing happens unless it’s accompanied by some drama and bickering so the F1 Explainer will present the timeline of events regarding the proposed overhaul of the Silverstone track and facilities.
October 2005
The BRDC, owners of Silverstone, announce a £600 million overhaul of the circuit to help secure its future as the home of the British Grand Prix. The BRDC board will compile a list of companies to perform the renovations and upgrades. Board chairman Stuart Rolt wrote in a letter to members:
“I fully understand the emotional attachment that so many members feel to Silverstone … the existing model will not support the club’s objectives of keeping the British Grand Prix and optimising members’ facilities at the circuit,”
November 2005
The BRDC forms a committee which narrows the field of potential developers for the project to nine companies who are willing to carry out the overhaul.
January 2006
The BRDC board decides to ask members if they will support the appointment of St. Modwen Properties to head the re-development effort to overhaul Silverstone. A letter from BRDC president Sir Jackie Stewart asks members to support the boards decision to appoint St. Modwen Properties and an Extraordinary General Meeting is called for the end of February to put the matter to a vote. The decision was facing opposition from many member due to the fact that appointing St. Modwen Properties most likely means Silverstone would be leased out for a period of up to 150 years. There were rumours that Former British F3 champion Harry Stiller was planning to oppose the board with his own plan for re-development.
February 2006
There is growing opposition amongst the BRDC membership to the boards decision to appoint St. Modwen Properties. Senior executives from St. Modwen try to ease the members concerns regarding a 150 years lease by saying:
“But there’s no way we could force them out. They’re the custodians of Silverstone and they forever will be.
“We’re looking to take the worldwide reputation Silverstone has already got and build on it. We want to get the technology park running properly and look at how we can turn Silverstone into a year-round operation.
“We’d be hoping to secure a couple of hotels and some residential development would help with financing the work required for circuit improvements.”
The board also announces Northern Racing could be given a 25 year deal to take over the running of Silverstone. Northern Racing operates ten horse racing tracks across Britain.
At the EGM in late February growing opposition to the boards plans for partnering with St Modwen and Northern Racing forced the BRDC board to cancel the planned vote on the proposal. The board states it will take more time to explain the deal and its benefits to the BRDC membership.
March 2006
Harry Stiller leads a grass roots revolt of members against the board of the BRDC by demanding the board call an EGM to obtain a vote of no confidence in them. The former British F3 champion issues a statement:
“The membership has been given insufficient information and details of the proposed transaction as well as having given the President and Board an emphatic show of unity that they do not want any deal that means granting a 100 years plus lease to any individual or organization.”
Stiller also states his group has an alternative solution and hints to the media that he has the backing of Bernie Ecclestone.
“The members are confident that they have a better alternative which will keep the circuit intact without housing estates being built or other major non-conducive development of the estate property.
“The Board has not listened to the members and seems to continue ignoring the prime objectives upon which the Club was founded. It is therefore time for radical change in the administration and policies of the BRDC.”
Sir Jackie meanwhile asserts the British Grand Prix would be lost to Silverstone if the proposed overhaul is not agreed upon.
In the middle of March the board sends another letter to members accepting some responsibility for the confusion regarding the proposed joint ventures and state they are willing to spend more time and resources to explain the deal to members. The letter states:
“Your Board recognises that we can only move forward with the goodwill and support of our Members.”
By the end of March Stuart Rolt, club Chairman, notified all members that the board was rethinking it’s proposal for handing over the development of Silverstone to St Modwen Properties and the circuits operations to Northern Racing. Negotiations had been broken off with both entities and Rolt urged the members to maintain their confidence in the board at an upcoming EGM. It seemed the grass roots revolt had successfully forced the BRDC board to abandon its plans for overhauling Silverstone.
April 2006
On April 28th the BRDC held an EGM and the members gave their full confidence to the board. The members’ revolt led my Stiller had failed and the AGM planned for that afternoon would go ahead unimpeded. The members and the board could now go about the business of discussing re-development plans and also electing a new President of the BRDC. Damon Hill was confirmed as the President of the British Racing Driver’s Club and in his comments he states unequivocally his challenge will be to work with the board to draw up new plans for re-developing Silverstone.
With reports from autosport.com, reuter.com and bbc.
