NOVEMBER 30, 1998
Who is buying whom?
THE developing battle over the Silverstone racing circuit has taken a further twist with suggestions that the British Racing Drivers' Club - which owns the Northamptonshire track - has made a bid for one of the companies which was rumored to be trying to buy Silverstone - Brands Hatch Leisure.
BHL owns and operates the Brands Hatch, Oulton Park, Snetterton and Cadwell Park - which were bought by computer magnate John Foulston in May 1986. He was killed testing a McLaren M15 Indycar in September 1987 and his daughter Nicola took over operations and in 1996 she floated Brands Hatch Leisure on the London Stock Exchange. In January 1997 she made a bid to buy the Donington Park circuit but this was rebuffed.
In recent days BHL has been linked with a deal involving Essex businessman Colin Sullivan to buy Silverstone for $75m - slightly more than a bid tabled by businessman John Lewis.
In now seems that the BRDC has decided to fight fire with fire and is planning to offer BHL shareholders a deal, which will result in the Kentish track coming under the control of Silverstone - and not vice-versa.
We expect the battle in the weeks ahead to be bitter...