UPDATE Two potential bidders for Silverstone, the home of the British Grand Prix, "have walked away from talks, raising fears for the future of the Northamptonshire racetrack," according to Sylt & Tovey of the London TELEGRAPH.
11/07/16 Jaguar Land Rover has been making attempts at buying or leasing the home of the British Grand Prix, Silverstone Circuit, for nearly a year now, encountering a number of roadblocks on the way. At one point, the British automaker wanted to move its company headquarters to the track. But now, it's giving up on Silverstone entirely.
Reuters reports that JLR announced Monday that it has officially ended its negotiations with Silverstone's current owners, the British Racing Drivers Club (BRDC). This news follows reports that Porsche, which operates an Experience Center at the track, blocked Jaguar's Â£33 million ($41 million USD) offer.
Silverstone's finances are rocky at best, so JLR's withdrawal puts the BRDC in a tricky situation. Most F1 Grand Prix circuits are funded by their local governments, but Silverstone is not. This makes the BRDC entirely responsible for the lofty $24 million FIA fee required to host a Formula 1 event.
Porsche's contract with the BRDC stipulates that no other automaker can use the track for more than 45 days per year, a point the German automaker refused to concede to JLR.
Adding to JLR's problems, Louis Tomlinson, boss of Ginetta Cars, reportedly put in a larger offer for the Circuit. Some BRDC members reportedly favored Tomlinson's offer because Tata, JLR's Indian parent company, once threatened to exit the British Steel industry.
With Porsche in the way, though, it looks like it'd be hard for any automaker to purchase the Circuit. If Jaguar wants to own its own race track, there are plenty others in the UK, but few as iconic as Silverstone.