A scandal of sorts has enveloped the Silverstone circuit with news that its three directors – Richard Phillips, Edward Brookes and David Thompson – have been suspended on full pay pending an investigation into the affairs of the company.
Silverstone Circuits Ltd is owned by the British Racing Drivers’ Club, which owns the circuit, upon which some 760 acres of land have been leased to a commercial property company to develop into business parks. The company has a deal to host the British Grand Prix until the end of 2027.
The remainder of the venue – essentially the track layouts themselves – were subject to an attempted management buyout earlier this year, but the BRDC pulled the pin on the proposal when the bid was unable to deliver the required financing for the transaction. The chairman on Silverstone Holdings resigned from his position in July as a result of the failed bid.
“The BRDC are taking a closer role in the running of the Silverstone business, with a new operating structure between the Club and the circuit,” a BRDC statement reads.
“John Grant, chairman of the BRDC, and Lawrence Tomlinson, director of the BRDC, have assumed the role of joint acting chief executive of Silverstone Circuits Limited. Having reviewed the Silverstone business, they have embarked on an exciting programme of restructuring to make the business more streamlined, concentrating on their core competencies as a circuit operator and the home of the British Grand Prix. “Whilst we cannot comment on the suspension of senior executives at SCL, it should be noted that this is only coincidental to the restructure.”
Image via XPB Images