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FEBRUARY 28, 2006

BRDC explains Silverstone delay

The British Racing Drivers' Club has finally explained what happened in the Extraordinary General Meeting last week at Silverstone.

"The Members agreed to postpone the approval of two resolutions which would allow the board to conclude negotiations with St Modwen Properties PLC and Northern Racing PLC in relation to the development of Silverstone Estate and the operation of Silverstone Racing Circuits," the club said in a press statement. "Members need more information and a longer period of consultation before we put the two resolutions to a vote.

The resolutions would give the board the authority to conclude negotiations with St Modwen Properties PLC relating to the development of the Silverstone Estate, and the authority to conclude negotiations with Northern Racing PLC relating to the operation of the Silverstone Racing Circuits.

The club said that it is "confident that taking on board all the opinions and strongly held views at today's EGM we can proceed with our strategic plans for the development of Silverstone.Ê However, the board accepts and supports that members need an additional period for briefing and consultation and we were happy to accept the strong view of the meeting.Ê St Modwen and Northern Racing are fully in support of today's decision."