Motorsport activity is set to end at Rockingham Motor Speedway with the Northamptonshire circuit's new owner planning to create an automotive logistics hub, which could create about 200 jobs.
The new owner is Rockingham Automotive LLP (RAL), a UK investment partnership funded by non-UK resident investors.
The company plans to build on Rockingham's motoring credentials, by creating a logistics hub, where its occupiers provide a range of de-fleet, remarketing, refurbishment and storage services for the automotive industry, across its 250-acre site and 100,000 sq ft of vehicle processing facilities.
Peter Hardman, current chief executive at Rockingham, said: "The team at Rockingham have done a tremendous job running the circuit and the facility over the last five years. However, it has been reluctantly concluded that motorsport activities are unlikely to produce an economic return for the new owners when set against the acquisition cost of the land.
"All events to the end of 2018 will be run with the professionalism and enthusiasm that are the hallmark of Rockingham, but circuit activities will cease from the beginning of 2019.
"RAL is in discussion with the two local authorities, Corby Borough Council and East Northants District Council on the future development of Rockingham."
Rockingham is home to a number of automotive logistics companies including Groupe CAT, GEFCO and City Auction Group.
Closure of the circuit is expected to free up land to further develop Rockingham as an automotive facility, with the capacity to process over 20,000 vehicles on site, at any one time.
Michael Tomalin, managing director of City Auction Group, which operates car auctions at Rockingham, added: "We are very excited about the future of CAG at Rockingham. We have plans to invest heavily in new facilities to provide market-leading de-fleet and external operational services, alongside remarketing events."
Rockingham currently hosts events including the British Touring Car Championship, British F3/ GT and the Pickup Truck Racing Championship.
source: IML