A Sussex company has bought four of the most famous racetracks in the UK, including the former Grand Prix circuit at Brands Hatch.

MotorSport Vision, based in Southwater, near Horsham, has secured a deal with Brands Hatch Circuits, including Cadwell Park, Oulton Park and Snetterton.

The multi-million takeover is good news for motorsports fans because it secures the future of the historic venues as motor racing circuits.

MSV is led by former Formula One driver Jonathan Palmer and was established for the purposes of owning and developing the four circuits.

The firm will complement PalmerSport, based at Bedford Autodrome, which provides prestige motorsport events for the corporate market.

Jonathan Palmer and two partners - John Britten and Peter Ogden - will own and control MSV.

John Britten founded and developed the Morse computer group as well as being a sportscar motor race team owner.

Peter Ogden was formerly managing director of Morgan Stanley, and founded Computacenter in 1983.

Mr Palmer said: "Race driving, commentary and the motorsport business have dominated my life and I am thrilled to have been successful in acquiring four of the most famous motor racing circuits in Britain.

"We are totally committed to developing motorsport at the MotorSport Vision circuits and believe that through innovation and quality enhancement we can revitalise one of the UK's most exciting sports.

"The future of these historic venues as motor racing circuits is now assured."

Mr Britten said: "When I drove my Morgans and MGs around these famous circuits all those years ago, I never dreamed that one day I would be a circuit owner."

Tuesday January 06, 2004