Silverstone: BRDC suspends three executive bosses

Richard Philips became managing director at Silverstone in 2004

Silverstone managing director Richard Phillips and two other senior executives involved with the running of the circuit have been suspended.

Phillips will receive full pay during an internal investigation, along with financial director Ed Brookes and legal director David Thompson.

The track is managed by Silverstone Circuits Limited (SCL), a company owned by the British Racing Drivers' Club.

The BRDC say the move is unrelated to a managerial restructure.

British Racing Drivers' Club chairman John Grant and director Lawrence Tomlinson have now taken up the position of joint-acting chief executive of SCL.

Loans from Lloyds Banking Group and Northamptonshire County Council allowed for the building of the Silverstone Wing

"Whilst we cannot comment on the suspension of senior executives at SCL, it should be noted this is only coincidental to the restructure," read a BRDC statement.

"Having reviewed the Silverstone business, [Grant and Tomlinson] have embarked on an exciting programme of restructuring to make the business more streamlined, concentrating on their core competencies as a circuit operator and the home of the British Grand Prix."

The Northamptonshire circuit was able to pay off loans from Lloyds Banking Group and Northamptonshire County Council last September, after arranging a £32m deal to let property company MEPC develop land around the track.

But further attempts to bring in more investment have failed and the circuit continues to lose money on its contract to host the British GP.

Grant and Tomlinson will be set the task of improving the business's profitability.