BRITISH GP BOSSES LEAD CALLS FOR F1 SHAKE-UP
Silverstone chiefs want answers on the future of F1
Leading grand prix promoters have urged F1 owner Liberty Media to rethink the way it runs the series.
The Formula One Promoters Association, which is made up of leading venue bosses including the heads of Silverstone, has issued a statement asking Liberty Media to address several issues including the financial base of existing and new races. There are also concerns about the lack of free-to-air television in many European countries.
Silverstone boss Stuart Pringle said: “If this continues, F1 will be racing on second-rate circuits, if at all.”
The Formula One Promoters Association has criticised F1 owner Liberty Media and it has asked for an urgent rethink regarding the future of grand prix racing.
Sixteen promoters – including the bosses of the British Grand Prix – are part of the organisation which has raised concerns about some of the initiatives surrounding the engagement of fans with grand prix racing and the lack of clarity over the vision for the future.
Silverstone chiefs announced in July 2017 that they had activated a break clause in their agreement to host the British Grand Prix and talks have been going on in the background ever since. However, without a resolution being met, there is a very real threat that the race could be lost to the United Kingdom.
Silverstone, which is owned and operated by the British Racing Drivers’ Club, is one of five venues which are approaching the end of their contracts to operate a grand prix and none of those tracks where the deals are coming to an end have a clear picture about their future prospects.
The original deal to operate the British Grand Prix was negotiated with F1’s previous tsar, Bernie Ecclestone, and it included an escalating fee to host the event. With other restrictions on revenue streams put in place by that original deal, the BRDC and Silverstone felt that the deal was untenable and decided to take advantage of the break clause to limit any further potential loses.
The British Grand Prix is one of several in the process of renegotiating its deal with Liberty Media, but the promoters association is concerned about the direction that Liberty is taking grand prix racing.
The promoters association includes members from most grands prix, although it is understood that Russia, Bahrain, Japan, Abu Dhabi and China are not involved.
After last week’s meeting, the promoters group issued a statement outlining its concerns to Liberty Media.
They include worries about the loss of F1 on free-to-air television, which will affect the United Kingdom in 2019.
Motorsport News understands that free-to-air TV is a central plinth of Liberty’s plans to grow the series in newer territories and it is putting measures in place to make sure this happens, while countries that have a longstanding history with F1 are not provided with this.
Promoters are concerned that a lack of viewers in F1 will directly result in a loss of revenue when it comes to ticket sales.
There has also been some concern about initiatives that Liberty Media has put in place to promote the series which have been done without any consultation of the existing promoters or venues.
Some of them, such as fan experiences, are being created in the host country on the weekend of the events, but not in the same location. Motorsport News understands that this has angered some of the venue bosses.
The statement added: “As we enter a new season of the sport that we have promoted for many decades, the promoters seek a more collaborative approach to the development of the championship and the opportunity to offer their experience and expertise in a spirit of partnership with Formula 1 and the FIA.”
The existing promoters are also concerned about the proposed business model for new races, with the mooted grand prix in Miami coming under the spotlight. It is believed that the organisers of the race in Florida have been talking about a profitsharing scheme with Liberty, which is at odds with the way most of the other races on the calendar are operated.
F1 is set to include the race in Miami and the first Vietnamese Grand Prix in 2020, but the full schedule has yet to be finalised.
British Grand Prix promoter Stuart Pringle, who is boss of the Silverstone track, warned against free deals to new races when existing ones like the United States GP in Texas are trying to make their event pay.
“If this continues, Formula 1 will be racing on second-rate circuits, if any at all,” Pringle told the Daily Mail. “Everyone is disgruntled. Liberty’s ideas are disjointed. We have all been compliant and quiet hitherto, but we have great concerns about the future health of the sport under the people who run it now.”