Tata's Jaguar Land Rover said it was no longer looking to buy or lease the famous British motor racing circuit of Silverstone in a blow to the owners of the British Grand Prix track which had been seeking ways to boost the site's finances.

A Reuters report noted that, last April, the British Racing Drivers' Club (BRDC) said it was in talks to lease the circuit's property to JLR which had been considering turning the site into a 'heritage centre' to show off its luxury cars.

But after months of talks dragging on, a spokesman at Britain's biggest carmaker told the news agency the plans had been scrapped.

"Jaguar Land Rover has ended discussions with the British Racing Drivers' Club for the foreseeable future and is not proceeding with any plans to either lease or purchase Silverstone at this time," he told Reuters.

Reports in April said JLR wanted to create a five-star hotel, heritage centre, motor industry museum, vehicle design workshop, offices and a visitor centre at the Northamptonshire venue.

A source "close to Jaguar Land Rover" said at the time: "They have been trying to buy Silverstone for a while now. Talks are still ongoing an the deal isn't sealed yet. They are interested in it for testing cars and the motorsport side."

Parent Tata's board had agreed to the project.

The report noted Silverstone's managing director had said in September 2015 the future of the F1 British Grand Prix was at risk without major investment in the race track.