Lovells

Lovells advised the Interpublic Group of Companies on the sale, announced on Tuesday, of four motorsports circuits owned by its subsidiary Brands Hatch Circuits Limited to MotorSport Vision Limited for an undisclosed sum.  The sale includes Brands Hatch, Oulton Park, Cadwell Park and Snetterton.  

MotorSport Vision Limited is a new company led by former British Formula One driver, Jonathan Palmer, that has been established for the purposes of owning and developing the four circuits.  As a result of the sale, Interpublic's interest in UK motorsport will focus on the Silverstone circuit and Brands Hatch Circuits Limited is to be renamed Silverstone Motorsport Limited.  The sale does not affect Interpublic's interests in and commitments to Silverstone, including the remaining payments under an executory contract and operating lease.  

The Lovells team, led by corporate / commercial partner Peter Watts and senior assistant Penny Powell, was responsible for the unbundling of the four tracks being sold as well as advising on the sale process, following the issue of an Information Memorandum in September.  

Speaking on behalf of the Lovells team, Peter Watts said:              
"This was a challenging project in an exciting industry.  We have worked with Interpublic on major corporate transactions for many years and are delighted that our previous experience on sports related projects, such as our work for Sport England, London's Olympic bid and the All England Lawn Tennis Club, helped us secure this latest project for them."            

Andrew Waller, who remains with Interpublic to become managing director of Silverstone Motorsport Limited, commented:              

"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."   

Jonathan Palmer, managing director of MotorSport Vision said:              

"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 motorsports 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."  

MotorSport Vision was advised by a Herbert Smith team led by Stephan Rayfield.

Lovells' previous work on sports related projects
 
Lovells experience in the sports industry includes its work as advisers to Sport England, the distributor of Lottery funding for sporting purposes on the Wembley National Stadium and Manchester Commonwealth Games and now in relation to potential projects connected with London's Olympic Bid as well as advice to Sponsors of the Olympics, Commonwealth Games and Football World Cup and to the All England Lawn Tennis Club.

Interpublic
 
Interpublic is one of the world's leading organisations of advertising agencies and marketing services companies.  Major global brands include:

• Draft, Foote, Cone & Belding Worldwide
• Golin/Harris International
• Initiative Media
• Lowe & Partners Worldwide
• McCann-Erickson
• Universal McCann
• Weber Shandwick Worldwide  

Leading domestic brands include:

• Campbell-Ewald
• Deutsch
• Hill Holliday.