The British Racing Drivers' Club (BRDC) has confirmed a City A.M. report last month that a senior executive at the iconic Silverstone motor racing circuit has stepped down.
The BDRC said today it had agreed with Patrick Allen, the managing director of Silverstone, it was "time to put a permanent management team in place".
It added Allen's contract had "always been on a consultancy basis", but that having returned the business to profit for the first time in 10 years, it was "time to put a permanent management team in place".
“Some of you may have heard, or seen in the press, some rumours about my departure," added Allen.
"It is true that some allegations were made against me but, for the avoidance of doubt, these have all been withdrawn and I am pleased to have concluded mutually agreeable terms with the BRDC.”
The news follows a report by City A.M. last month that Allen had been ousted for being "too close" to Lawrence Tomlinson, the tycoon bidding to take over the track.
Allen is a former commercial director of Tomlinson's LNT Group, which owns sports car maker Ginetta. Tomlinson is one of the bidders for a 249-year lease on Silverstone, which the BRDC announced in April it was planning to sell.
Jaguar Land Rover is currently the leading bidder - but the £33m sale is understood to have stalled after it came to light Porsche had the power to block rival manufacturing from using the circuit for more than 45 days per year.
Allen is a popular figure among fans and BRDC members, credited with turning around the fortunes of Silverstone.