F1 IN UK TAKING A BRAKE
Silverstone withdrawal could end British GP
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 Drivers’ 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 US owners Liberty Media.
Nearly 140,000 fans watched triple world champion Lewis Hamilton claim his third straight 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.
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 talks with the BRDC and Silverstone. But while the latter wants to continue its F1 relationship, 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. BRDC chairman John Grant said: “It is not financially viable for us to deliver the British Grand Prix. 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. It would not only risk the future of Silverstone and BRDC, but also the British motorsport community that depends on us.
“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 for many years to come.”
BRDC’s been the custodian of Silverstone for almost 70 years – owning and operating the circuit – which is the only venue licensed to run a Grand Prix in Britain. But the BRDC says the promoter’s fee rise makes it impossible to cover the GP’s share of Silverstone’s overhead costs.
Grant said: “For many years the British GP has made a net loss. We can’t continue to sell our core assets to fund it.”
We can’t continue to sell our core assets to fund the British Grand Prix JOHN GRANT