JLR to Bid for Silverstone F1 Circuit?

Jaguar Land Rover Ltd. has offered to buy the U.K.’s famous Silverstone racing circuit from the British Racing Drivers Club for about £23 million ($34 million), the Financial Times reports.

The FT cites documents that indicate JLR asked real estate services provider Cushman & Wakefield in July to assess the value of the fabled track, which hosted its first British Formula One race in 1948. The carmaker plans to expand Silverstone with a new heritage center, visitor center, hotel and offices for as many as 1,000 employees, assuming the bid is accepted, the newspaper says.

Silverstone and the BRDC have struggled to meet F1’s annual £16 million ($24 million) fee to host the British race. Under the proposed sale, the club would become a tenant of the circuit, and its Silverstone Circuits Ltd. subsidiary would manage operations for JLR.

Jaguar campaigned an F1 team between 2000 and 2004. JLR’s owner, Tata Motors Ltd., once sponsored Ferrari’s F1 team.