The deal for the circuits – which formerly made up the bulk of the massive loss-making Octagon Motorsports division – finally sees IPG rid of circuits it blamed for a massive drain on its finances.
The tracks, owned by Brands Hatch Circuits Ltd – the company renamed after the bad publicity generated by the Octagon Motorsports brand – have been sold to MotorSport Vision Ltd.
MotorSport Vision Limited is a new company led by Jonathan Palmer that has been established for the purposes of owning and developing the four circuits.
The new company will complement Jonathan's existing PalmerSport activities based at Bedford Autodrome, which provides motorsport events for the corporate market.
The sale includes Brands Hatch – former home of the British Formula One Grand Prix and the 2003 CART race - Oulton Park, Cadwell Park and Snetterton.
Although no figures have been announced, it is believed bids had been in the region of £30-50m.
Said an IPG statement: “As a result of the sale, Interpublic's interest in UK motorsport will now focus on the Silverstone circuit. Brands Hatch Circuits Limited will be re-named Silverstone Motorsport Limited.
“The deal does not affect its interests and commitments in relation to Silverstone including the remaining payments under an executory contract and an operating lease.”
Added Andrew Waller, who remains with Interpublic to become managing director of Silverstone Motorsport Limited: "We are delighted that Jonathan Palmer and his team are acquiring the four circuits and believe that our sale to his company will help to safeguard the future interests of UK motorsport."
Said Jonathan Palmer, managing director of MotorSport Vision: "Race driving, commentary and motorsport business have dominated my life and I am thrilled to have been successful in acquiring four of the most famous motorsport circuits in Britain. We are absolutely committed to developing motor racing at the circuits and believe that through innovation and quality enhancement we can revitalise one of the UK's most exciting sports."
