The agreement between Octagon Motorsports Ltd and the British Racing Drivers’ Club has been given the green light by the Competition Commission. Following a lengthy investigation, the British Government department has ruled the deal is not against the public interest.
“I am delighted with the result of this inquiry,” said Rob Bain, CEO of Octagon Motorsports. “It gives us a clean bill of health and allows us to bury uncertainty and to focus our resources on making British motor-sport the envy of the world.”
The ruling will enable Octagon and the BRDC to press ahead with major development plans for Silverstone and should help ensure Britain retains a grand prix in the face of countries seeking to join the F1 calendar.
“Thankfully, we can now put this all behind us and concentrate on building on the foundation of the agreement, to establish a centre of excellence for the sport and industry at Silverstone,” read a BRDC statement.
The Competition Commission ruled that there was sufficient choice of venues to prevent Octagon having too much power in the supply of circuits for racing and track days.
Historic racing, including the Silverstone Historic Festival, also features prominently in Octagon’s plans for the future. During the course of the recent Historic Festival, the future venue for the event was the subject of much speculation, both Brands Hatch and Oulton Park being rumoured as possibilities.
An Octagon spokesman stated that the organisation remained committed to the event, but that its format was currently under review.