London, 9 July 2004 – LAWFUEL – Baker & McKenzie announced today that it advised the British Racing Drivers’ Club (the “BRDC”) in respect of revised arrangements relating to the occupation by The Interpublic Group of Companies (the “IPG”) of the Silverstone circuit which may lead to the termination of the existing arrangements with IPG. The deal may have important implications to help to secure the future of the British Grand Prix.
IPG, a United States-based media group, will pay BRDC, a private members’ club, £27million for a variation in the terms of the Silverstone lease that will give IPG (and BRDC) a right to terminate the lease prior to 15 December 2004. BRDC will take over the running of the circuit from the date of the termination of the lease.
Commenting on the deal, James Richards, Corporate Partner, said, “We are delighted to continue to act for BRDC and are pleased that the future of the British Grand Prix is now more secure following the transaction with IPG.”
Alexander Hooton, Chief Executive of BRDC said, “This deal will give security in the medium term and enable the Club to determine its own destiny.”
The Baker & McKenzie London team comprised of Corporate Partners James Richards and Peter Knight and Property Partner Christopher Norton, with assistance from Corporate Associate, Robert Hewitt.
Lovells provided legal advice to IPG.
