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JANUARY 21, 2011

BRDC Chairman steps down

The chairman of the British Racing Drivers' Club, Robert Brooks, has stepped down. Former chairman Stuart Rolt will take over the position starting in February.

Brooks, who is the chairman of the Bonhams auction house, says he wants to devote more time to his business. Bonhams is the third largest auction house - behind Christie's and Sotheby's - and classic car auctions form a significant portion of the business. Brooks will remain a member on the board of Silverstone Holdings, Ltd. - the company which handles commercial matters for the BRDC.

It was also announced that Jonathan Baker, founder of the ICL venture capital company, has joined the BRDC board.

There is speculation that the BRDC's failure to find more investment money is at the root of the changes.

Last year the BRDC secured the rights to hold the British Grand Prix at Silverstone through the 2026 season, and as part of the deal Silverstone agreed to build new pit facilities, which are currently being constructed.