Browne Jacobson has helped secure a multi-million pound loan facility to assist in the construction of global headquarters and team testing facilities of the new electric race car championship, FIA Formula E, on a new industrial estate within the paddocks of the Donington Park Racing Circuit.
Sharon Jones, public sector funding and state aid partner at Browne Jacobson, advised long standing client Donington Park Racing Ltd on the deal to secure a £3.7m loan facility from the Leicester and Leicestershire Local Enterprise Partnership’s (LLEP) Growing Places Fund as part of the £5.7m project, assisted by Sarah Parkinson, property partner at Browne Jacobson.
The loan was awarded by the LLEP from its £12.5m Growing Places Fund which is supported by the Government’s Regional Growth Fund.
Construction work on the 44,000 sq ft development is already underway and when completed will provide facilities for each of the 10 Formula E teams, together with offices, stores and workshops for Formula E’s own operational staff – totalling more than 150 people.
It is intended that all works will be complete by the end of April with the first teams moving in on 1st May.
Formula E is a new FIA Championship using electric single-seater race cars delivering the equivalent of 500+ bhp, and capable of speeds of about 150mph. The Championship’s inaugural season starts in September 2014 and will encompass races in ten cities including Beijing, Los Angeles, Miami, Monte Carlo, Putrajaya (Malaysia), Rio de Janeiro, Punta del Este (Uruguay), Buenos Aires, Berlin and ending in London on 27 June 2015.
Sarah Parkinson, client partner for Donington Park Racing, said:
“This is an exciting development and securing Formula E’s global HQ is a major coup for Donington Park, the East Midlands and British motor racing. The funding from the LLEP will help the project move forward at pace – it will also secure and create valuable jobs over many years. We are proud of the fact that we have been able to help in securing this opportunity.”
