Jaguar Land Rover Backs Out From Buying Silverstone, What Gives?

Nov 11, 2016 05:00 AM EST | Leian N.

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Earlier this year, rumors spread about Jaguar Land Rover purchasing the Silverstone Circuit in U.K. However after negotiations went with British Racing Drivers' Club, the company has decided not to pursue the claims.

A spokesperson for Jaguar Land Rover revealed that the company has decided to back out from purchasing Silverstone Circuit despite their preparation of $46.6 million as the budget cost for the race track announced last April. The said purchase was to enhance driver experiences, customer handovers, training, and would be utilized to handle plans for the facility including its workshop, heritage center, museum, and a talked-about trackside hotel, reported Motor Trend.

 The owners of the Silverstone Circuit were speculated to be excited about the deal. Now that Jaguar Land Rover has decided to back out, they were deemed to be disappointed but will continue racing activities to continue at the venue.

In other news, it was revealed the company not only decided to back out from the said deal but has decided to cut ties with the organizers of the venue for the foreseeable future. It was first forecasted that the 249-year lease on the circuit could have been a game changer for the company but the company attested that the leasing or the purchase of the circuit was not fit for them at the time, reported BBC.

The decision was said to have been participated by 820 members of the British Racing Drivers' Club which were deemed to be a majority of those who favored the deal. In fact, back in April, it was attested that negotiations were doing well for the Silverstone Circuit and members were expectant that the company would push through with the purchase.

After Jaguar Land Rover decided to back out from their purchase of the Silverstone Circuit negotiations, the British Racing Drivers' Club said they would not comment on the issue. What do you think went wrong?

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