Silverstone triggers F1 break clause
THE British Grand Prix faces extinction from the Formula One calendar after Silverstone’s owners triggered a break clause in its contract yesterday.
The British Racing Drviers’ Club, which owns the Northamptonshire circuit, gave notice of its intent to leave its current deal in two years’ time.
Its decision means 2019 will be the last year for the British Grand Prix at Silverstone unless a new deal is brokered with F1’s American owners Liberty Media.
Nearly 140,000 spectators watched triple world champion Lewis Hamilton claim his third consecutive win at Silverstone last year.
And a near sell-out crowd is expected again this weekend as Hamilton bids to reduce rival Sebastian Vettel’s 20-point lead at the summit of the championship.
But the demands of the hosting fee which goes up by five per cent every year – from £12million in 2010, the year in which the new long-term deal started, to £16m this season and £25m in 2026 – is crippling Silverstone.
Liberty Media has staged a series of talks with both the BRDC and Silverstone.
But while Silverstone wants to continue its relationship with Formula One, it will not do so at the cost of financial ruin.
The Northamptonshire circuit, unlike many other tracks on the F1 calendar, receives no government backing.
“This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract,” BRDC chairman John Grant said.
“We sustained losses of £2.8m in 2015 and £4.8m in 2016, and we expect to lose a similar amount this year.
“We have reached the tipping point where we can no longer let our passion for the sport rule our heads. However, I want to be clear that although we have now activated the break clause, we are fully supportive of the changes the Liberty team are making to improve the F1 experience. Our hope is that an agreement can still be reached, so that we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone.”