Silverstone F1 Circuit Extends Sale Talks with JLR

The group that owns the U.K.’s Silverstone Formula One race track in central England has agreed to continue talks about selling the facility to Jaguar Land Rover Ltd.

The Financial Times reported in December that JLR offered to buy the circuit from the British Racing Drivers Club for about £23 million ($33 million). The carmaker proposes to expand the circuit with a heritage center, visitor center, hotel and offices. The club says its board agreed to discuss JLR's offer.

Silverstone hosted its first British F1 race in 1948. But the facility has struggled to meet the F1’s annual fee to host the race. JLR proposes to make the club a tenant but continue to manage the track through its Silverstone Circuits Ltd. subsidiary.

Jaguar backed an F1 team in 2000-2004. And Tata Motors Ltd., which acquired JLR in 2008, is a past sponsor of the Ferrari F1 team.