Porsche Reportedly Blocked JLR-Tata's Plans To Buy Silverstone Circuit

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Jaguar Land Rover (JLR) has been trying to purchase the Silverstone Circuit since last December, but according to the recent reports, Porsche has blocked JLR's bid.

The rivalry on the track between Jaguar and Porsche is pretty well known. Now, there's apparently a new tiff between the two companies, but this is the first time it's over a track.

Currently, the Silverstone circuit is owned by the British Racing Drivers Club (BRDC), which has been in talks with JLR for many months over the sale.

JLR wants the Silverstone circuit to turn it into the company's headquarters with a hotel, museum, office space, and track for the customer experience program.

Porsche operates an Experience Center at Silverstone, and there is an agreement with the BRDC and Porsche that no other manufacturer can use the track for over a period of 45 days a year.

JLR was hoping to work things out with Porsche by offering £33 million (Rs.290 Crore), but a BRDC official confirms that Porsche would not be prepared to withdraw their rights."

The BRDC also fears that JLR's owner Tata might exit the British steel industry. Tata's withdrawal would affect the industry badly since they are one of the larger consumer of steel in the UK.

Further complicating matters, Ginetta Cars owner Lawrence Tomlinson has also offered more money for the circuit than JLR.

via The Telegraph

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Read more on: #tata motors #auto news
Story first published: Friday, August 12, 2016, 16:51 [IST]
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