IPG Sells U.K. Racetracks

NEW YORK Interpublic Group, continuing its quest to shed non-strategic assets, has agreed to sell four auto-racing tracks in the U.K. to MotorSport Vision Limited.

IPG declined to disclose the terms, but sources said it was a cash deal and IPG previously disclosed that the tracks had a “book value” of $60 million. In an October filing with the Securities and Exchange Commission, IPG also acknowledged that the value “might not be fully recoverable.”

The tracks—Brands Hatch, Oulton Park, Cadwell Park and Snetterton—were part of IPG’s Brands Hatch Circuits unit. The sale leaves the unit with the responsibility of marketing the Formula One British Grand Prix at Silverstone, another U.K. track. As such, the operation will be rebranded Silverstone Motorsport Limited.

MotorSport Vision is a subsidiary of Bedford Motorsport, which offers racing activities to corporations.