BusinessCorporate FinanceKPMG to select bidders for Silverstone overhaul

KPMG to select bidders for Silverstone overhaul

Big Four firm to choose the bidder that will complete £600m facelift of the home of British motor racing

Later this month KPMG is expected to announce the preferred bidder for £600m
contract to overhaul the Silverstone race track.

KPMG Corporate Finance has been appointed as the advisers for the British
Racing Drivers’ Club (BRDC), the owners of Silverstone, and will assess bids
from groups including British Land, Hilton Group and Helical Bar.

The Sunday Times reports that the BRDC is short listing consortiums
to develop and operate the Northamptonshire site on a 125-lease.

The news of redevelopment will come as good news for motor racing fans.
Silverstone has secured F1 racing until 2009, but F1 boss Bernie Ecclestone has
warned that the track will be pulled from the circuit unless facilities are
upgraded.

The overhaul is reported to include residential and leisure facilities as
well as a possible science and technology park development.

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