MAY 27, 1996
Silverstone gets its money back
SILVERSTONE CIRCUITS LTD. has won a $5m law suit against its former legal advisors for their negligence in 1992 when Silverstone paid $8m for 50% of Tom Walkinshaw Racing's retail garage operations to form what was known as the Silverstone Motor Group.
Opposition to the deal - led by Ken Tyrrell - was widespread, and it was blocked by the BRDC which agreed to sell the shares back to TWR. Walkinshaw would only pay $3.5m - leaving the club with a loss of $4.5m.
The judge blamed the "flawed commercial judgment" of the Silverstone directors but said that the loss had ultimately been caused by the negligence of the legal advisors.