Jaguar Land Rover closer to make a deal over Silverstone

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The talks between the track’s owners and the British automaker are moving forward, as Jaguar Land Rover seeks to lease Silverstone on a very long-term basis.

Jaguar Land Rover is pushing forward with its expansion plan and it now seeks for more exposure. The automaker has an ambitious plan of leasing the legendary British race track at Silverstone to make it the brand’s headquarter. Members of the British Racing Drivers Club, which owns the circuit, have just voted to move forward on the negotiations. The deal aims to be much more than a lease, as the talks are reportedly for a 249-year term, for which the car maker would pay around 33 million pounds (46.6 million dollars). British media have reported that Jaguar Land Rover plans to build in Silverstone a heritage centre, a museum, offices, design workshop, hotel and visitor centre.

JLR is looking to close the deal as soon as possible and an outcome on the matter may be only a few months away. According to the Autocar magazine, even if the sides are to agree on terms, a completion date for the project would sit firmly after 2020.

The recent investments for the turnaround strategy pushed the automaker at the top of carmakers with production facilities in the UK, surpassing Nissan last year. Last week, Jaguar Land Rover reported its best ever March retail sales, closing off a record- month, quarter and financial year as well.

Via Autocar