“We respect that to some members it will come as a surprise but they need to
understand where the board is coming from and the reality of seeking
investment in the current economic climate.
“We cannot be prescriptive about what an investor might want to do so long as
they retain motor racing at the heart of their plans.”
The BRDC insists that Silverstone can survive without outside investment. But
with some £40million having been spent on redevelopment work needed to
secure the British GP contract, Rolt admits the club would probably look to
sell off land if a new partner does not come in over the next 12 months.
The BRDC’s accounts for the year ending Dec 31 2011 reveal turnover is up 14
per cent at £55.8million but the club made a loss, before tax, of
£4.6million compared to only £1million in 2010.
“The losses are increasing but there are good explanations for that,” said
Rolt, citing one-off costs associated with planning approval and increases
in depreciation costs.
“Besides, we have now got a really important piece of financial progress which
is that the land is worth a lot more now than it was a year ago thanks to
the planning permission we got.
“If we do not find an investor we will probably be looking to sell land. I
don’t think anybody would be surprised at that.
“But we’re not pressed. We have our arrangements with our bank. We have a set
of accounts which everybody can see. Our ratio of borrowing to assets is
absolutely fine. We have got facilities in place. We are repaying as
scheduled. And those who lent us the money are perfectly comfortable.”
“But yes, I would say in the next 12 months we would probably be looking to
make use of that land [if no new investment is found].”
Rolt, though, says he remains “optimistic” about securing new investment
provided members agree to ease restrictions.
“The message to our members is we can’t stay still,” he concluded. “We are
hugely emotional at this point about letting go but what the board is trying
to say to them is we now have to be more pragmatic, more business-like.
“If we’re asking people to come in and spend more than £100million on
Silverstone and the future of British motor racing, you cannot be asking
them to be taking every decision to the BRDC board.”