Jaguar Land Rover Ditches Plan To Purchase Formula One's Most Historic Track

Silverstone, the most recognizable racing circuit in the United Kingdom and site of the very first Formula One race in 1950, needs cash. Sadly, they won't be getting it through a deal with Jaguar Land Rover anymore, reports Automotive News. Jaguar Land Rover had been in talks to lease or buy Silverstone.

A Jaguar Land Rover spokesman told Automotive News:

Jaguar Land Rover has ended discussions with the British Racing Drivers' Club for the foreseeable future and is not proceeding with any plans to either lease or purchase Silverstone at this time

The British Racing Drivers' Club currently owns and operates the track, which is constantly in and out of the news for financial woes. Unlike many other F1 circuits, the British government does not offer Silverstone any financial support. The circuit recently underwent a major rework to score a 17-year British Grand Prix contract in 2009, adding to the already overwhelming financial burden of Formula One's exorbitant hosting fees.

The automaker was considering using Silverstone as a base for a "heritage center" meant to show off its models, however, that won't be happening now. More importantly for racing fans, it means that a vital stream of income the BRDC was hoping to have to make Silverstone viable is now off the table.