Race to save Silverstone

THE owners of motor racing circuit silverstone are scrambling to agree a £13m rescue deal.

The Northamptonshire track is in talks with lenders to secure funding as it battles to pay crippling fees for hosting Formula one.

silverstone must pay £17m a year to F1’s owner Liberty media, which rises by 5pc a year, as well as covering running costs for the grand prix. The track has racked up £51.3m of losses since 2012, and it is due to stop hosting F1 after 2019.

silverstone is owned by the british racing Drivers’ Club, a group of more than 800 leading industry figures. accountant KPmG has warned the club’s future is in doubt unless more cash can be found.