Brands Hatch Leisure PLC secures contract to hold the British Grand Prix at Brands Hatch
Brands Hatch Leisure PLC ('BHL') announces that its subsidiary, Brands Hatch Leisure Group Limited, has signed an exclusive contract with Formula One Administration Limited ('FOA') to host the British Grand Prix at Brands Hatch from 2002. The contract ensures that a Grand Prix will continue to be held in Britain until 2007.
Nicola Foulston, Chief Executive of BHL, said today: 'I am delighted to have secured the future of Grand Prix racing in Britain beyond 2001. I look forward to making this the biggest and most successful Grand Prix ever, which I believe will contribute to our strategy of positioning motor sport as a truly majority sport.'
The current contract for the British Grand Prix at Silverstone expires in 2001, and the owner of Silverstone, the British Racing Drivers' Club, has not obtained a renewal beyond that date. BHL's exclusive contract has a fixed term of six years commencing in 2002 with an option to renew for a further 5 years with the mutual agreement of FOA.
Bernie Eccleston, FOA, said today: 'I offered the BRDC the opportunity to renew their contract but they felt they were not in a position to do so. I am therefore happy that I now have agreements to maintain a round of the FIA Formula One World Championship in the UK until 2007.'
BHL also announces today its plans for the ú20 million revisions to the circuit at Brands Hatch together with the new pits and paddock complex required to support the FIA Formula One World Championship. In accordance with BHL's contract with FOA, the Group has obtained approval from the Federation Internationale De L'Automobile 'FIA' for the circuit design, which fully satisfies their safety requirements.
BHL has also received credit committee approval of increased facilities of ú30 million from its bankers, Bank of Scotland, to fund the Group's expansion. Craig Wilson, Senior Director of Structured Finance, Bank of Scotland, said today: 'BHL has undergone a significant period of expansion and development since we became the Group's bankers in 1995. We have been very happy to support BHL during this dynamic phase and look forward to being involved in the business which promises an exciting future.'
Commenting on this announcement today, Sir Rodney Walker, Chairman of BHL PLC, said: 'The Formula One Grand Prix Championship is the pinnacle of motor sport. I am delighted that the future of Grand Prix racing in Great Britain has been secured beyond the year 2002, at one of the UK's most historic racing circuits, Brands Hatch.'
Nicola Foulston, Chief Executive of BHL, said today: 'I am delighted to have secured the future of Grand Prix racing in Britain beyond 2001. I look forward to making this the biggest and most successful Grand Prix ever, which I believe will contribute to our strategy of positioning motor sport as a truly majority sport.'
The current contract for the British Grand Prix at Silverstone expires in 2001, and the owner of Silverstone, the British Racing Drivers' Club, has not obtained a renewal beyond that date. BHL's exclusive contract has a fixed term of six years commencing in 2002 with an option to renew for a further 5 years with the mutual agreement of FOA.
Bernie Eccleston, FOA, said today: 'I offered the BRDC the opportunity to renew their contract but they felt they were not in a position to do so. I am therefore happy that I now have agreements to maintain a round of the FIA Formula One World Championship in the UK until 2007.'
BHL also announces today its plans for the ú20 million revisions to the circuit at Brands Hatch together with the new pits and paddock complex required to support the FIA Formula One World Championship. In accordance with BHL's contract with FOA, the Group has obtained approval from the Federation Internationale De L'Automobile 'FIA' for the circuit design, which fully satisfies their safety requirements.
BHL has also received credit committee approval of increased facilities of ú30 million from its bankers, Bank of Scotland, to fund the Group's expansion. Craig Wilson, Senior Director of Structured Finance, Bank of Scotland, said today: 'BHL has undergone a significant period of expansion and development since we became the Group's bankers in 1995. We have been very happy to support BHL during this dynamic phase and look forward to being involved in the business which promises an exciting future.'
Commenting on this announcement today, Sir Rodney Walker, Chairman of BHL PLC, said: 'The Formula One Grand Prix Championship is the pinnacle of motor sport. I am delighted that the future of Grand Prix racing in Great Britain has been secured beyond the year 2002, at one of the UK's most historic racing circuits, Brands Hatch.'