The British Racing Drivers' Club (BRDC) said in a statement that the agreement does not include the management or development of Silverstone Circuit.
"MEPC has paid £32 million pounds for a long-term lease. This payment has allowed the BRDC to pay off its long and short-term loans from Lloyds Banking Group and Northamptonshire County Council," the statement said.
Planning permission had been granted for the development land, the BRDC added.
The BRDC said it had also agreed terms with a suitable partner "to further develop and invest in the circuit and circuit-related facilities" but could not reveal details under the terms of non-disclosure agreements.
It aimed to complete the negotiations before the club's annual general meeting on October 4.