Law firm and motorsport specialists Ashfords LLP are advising Northamptonshire County Council on a £10,000,000 loan to Silverstone Circuits Limited, which will help to fund the redevelopment of the track and its pit and paddock area.
The Council's funding package is in addition to the £26,000,000 loan that was agreed between Lloyds TSB Corporate Markets and the Northamptonshire Circuit earlier this year.
The 17 year deal that was reached between Silverstone and the British Racing Drivers Club (BRDC) and Bernie Ecclestone last December, which has secured the future of the British Grand Prix at Silverstone, was contingent on significant redevelopment programme being put in motion at the home of British motorsport.
The pit and paddock redevelopment is the first step in a number of new facilities that will be built at the circuit, which also include a new manufacturer test centre, business park, extreme sport and leisure contest complex, university campus and 'Welcome Centre'.
Ashfords' team is being led by Rebecca Dury (Corporate) and Brian Farrell (Projects). Jamie Horner, Ashfords' Head of Motorsport, is also part of the team.
He said: "We are delighted to be involved in helping to secure funding for the redevelopment of Silverstone, which is an iconic and much loved venue. The new track layout, which will host the F1 Grand Prix this weekend, has already received rave reviews and the forthcoming redevelopment of the off track facilities will further reinforce Silverstone's position as truly world class circuit as well as providing both jobs and motorsport related income for the region."
About Ashfords LLP
Ashfords LLP is a full service law firm with dedicated corporate, commercial, public sector and private client solicitors serving local, national and international clients. Ashfords solicitors has offices in Exeter, Bristol, London, Plymouth, Taunton and Tiverton. www.ashfords.co.uk
Ashfords LLP is a limited liability partnership, registered in England and Wales with registered number OC342432. The term partner is used to refer to a member of Ashfords LLP or an employee or consultant with equivalent standing and qualification.
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