Qatar-backed US$800m Silverstone bail-out 'off'

News reports say Qatar has pulled out of bid to save UK F1 Grand Prix circuit
Qatar-backed US$800m Silverstone bail-out 'off'
Sources say the decision to host the British Grand Prix at Silverstone, dubbed the spiritual home of British motor racing, could falter now the deal with the Qatari firm is off.
By Elizabeth Broomhall
Sun 18 Mar 2012 10:31 AM

A Qatar backed firm has pulled out
of a GBP£500m (US$800m) deal to invest in Britain’s Silverstone Grand Prix circuit, putting the future
of the Formula One showcase in jeopardy.

Qatar’s Alpha Group had originally
paid GBP£1m to become the ‘preferred bidder' for a 150-year lease on the
Silverstone Circuit, but has since withdrawn its bid in order to invest in other projects,
the UK’s Daily Mail reported, quoting Inside Sport.

Sources say the decision to host the
British Grand Prix at Silverstone, dubbed the spiritual home of British motor
racing, could falter now the deal with the Qatari firm is off.

The money is needed urgently to pay
for Silverstone's redevelopment, media reports said, without which it may be
deprived of its long-term hosting status.

The Qatar
Investment Authority (QIA) did not respond to questions on the subject, but are
thought to have allocated the funds to Paris St Germain soccer club and
the America's Cup.

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