Developer to buy Silverstone

UPDATE This rumor is downgraded to 'false' today. Silverstone boss Damon Hill has ruled out selling the British GP venue, after the circuit's owners received a $110m offer. 1996 world champion Hill, who is president of the circuit-owning British Racing Drivers' Club, told the BBC that Silverstone is not for sale.

It was reported on Wednesday morning that property company Spectre, run by Olivier Speight, wants to buy the famous track and develop the surrounding lands.

Hill, though, said the BRDC also intends to "develop the circuit to have a grand prix", but admitted that it is also up to other BRDC members to assess if the proposal "is in any way worth pursuing".

He added: "We are not planning to sell Silverstone."

The circuit, a former World War II airfield, has a contract to host the British grand prix until 2009.

03/28/07 A property developer has made a bid for Silverstone, BBC Radio Northampton reports. Spectre chairman Oliver Speight is said to have offered the British Racing Drivers' Club £56m for the Northamptonshire track. The report said Speight, who was involved in motorsport in the 1960s, would like to keep the track as the British Grand Prix but also develop the surrounding land.