Octagon, Silverstone reach agreement on British GP

LONDON, Dec. 2 /PRNewswire/ -- Frank Lowe, Founder, Chairman and CEO of Octagon and Jackie Stewart , President of the British Racing Drivers Club (BRDC), announced today that the Boards of Octagon and Silverstone had reached an agreement to run the FIA Formula 1 British Grand Prix at Silverstone for the next fifteen years. The agreement is subject to the approval of the BRDC's members at an Extraordinary General Meeting (EGM) of the club to be held on 18 December, 2000. Octagon, which already owns Brands Hatch and in addition holds 15 year rights to the British Grand Prix, have agreed a 15 year lease to manage the Silverstone circuit, allowing the Grand Prix to remain at its traditional home. Octagon's partnership agreement with BRDC will not only ensure the future hosting of the British Grand Prix at Silverstone but also result in major new improvements to the Silverstone Circuit and its facilities, to the highest international standards, producing a state-of-the-art track for Formula 1 racing and all types of motorsport events. Improvements will include a new Formula 1 pit complex, improved road access and better parking facilities. There will also be significant development of the corporate hospitality market and racing school activities at Silverstone. The racing circuit has wide appeal ranging from individuals to blue chip companies.

Frank Lowe, Founder, Chairman and CEO of Octagon, commented:
"This agreement, if approved by members of the BRDC, will be great news for British motor sport and bring reassurance to thousands of fans in the UK.
"Silverstone is one of the most famous tracks in the world, and needs the facilities to match that reputation. It will be our joint ambitions to create a circuit that is the envy of the motor racing world.
"This agreement does not in any way, however, reduce our commitment to further develop Brands Hatch as a major motor racing venue.
"I would particularly like to thank Les Delano, a Director of Octagon who has an extensive knowledge of motorsport, for his help in securing this deal."

Jackie Stewart, President of the BRDC, commented:
"The BRDC is delighted that we have structured a partnership so as to ensure the future development of the Silverstone Circuit as the centrepiece of British motorsport. This agreement is great news for the club and its Members.
"This deal is good for Britain as the capital of motorsports in the world. The majority of cars are developed in the UK and the teams here have won 19 of the last 20 FIA Formula 1 World Championships. We are determined that Britain will retain that pre-eminence, however, we must never be complacent.
"Finally, this deal is due in no small part to the tremendous work of Ron Dennis and Martin Brundle who led the negotiations on behalf of the BRDC. We are most grateful to them for their efforts."

Mr Lowe and Mr Stewart expressly thanked Mr Bernie Ecclestone for his support and financial contribution, and also Sir Jocelyn Stevens, both of whom have played a major role in bringing this agreement to fruition.