BRITISH GRAND PRIX IS SAVED!
Deal inked to maintain the UK’S race at Silverstone
Silverstone will continue to host the British Grand Prix after tying up a deal with F1 bosses Liberty Media this week to secure the race beyond 2019.
The circuit has been backed by several of grand prix racing’s biggest names ahead of the announcement.
Reigning champion Lewis Hamilton said: “If you start taking away the legendary races you lose all the history and culture.
“I truly believe that they’ve got to keep F1 in the UK, and particularly at Silverstone. It’s such an awesome track, such an awesome place.”
Silverstone bosses have inked a deal for the British Grand Prix to remain at the venue after discussions with Formula 1’s chiefs
Liberty Media.
Senior track staff and Liberty have been locked in talks since Silverstone activated a break clause in its original 17-year deal to host the grand prix in 2017 because the annual 5% escalator fee meant that the event was no longer financially viable.
However, the two parties have reached a solution to maintain the British Grand Prix at Silverstone, despite a credible package that is being put together to operate a grand prix in London.
It is understood that a new deal for Silverstone would centre around a restructured commercial package, which would mean the circuit bosses would be able to tap into more revenue that is generated from the race, which attracts 340,000 fans annually.
Liberty and Silverstone were working on a deal which they wanted to reveal ahead of this weekend’s race.
Cornerstone race
Silverstone’s managing director Stuart Pringle said that the deal has to make sense for the circuit bosses for it to be concluded.
“Our position has been very clear all along, we very much want to retain the British Grand Prix at Silverstone,” said Pringle. “But we can only accept terms that will not place us back in the position we were in and left us with no option but to exercise the only break clause in that contract.
“Silverstone’s commitment to F1 very nearly destroyed our company and it certainly wiped out our balance sheet. We have to learn the lessons and approach this negotiation in a different way. It’s got to be right and frankly we add significant value to the championship. Silverstone, along with Monza, Spa and Monaco, are the four cornerstones of the calendar and it was great to hear all the drivers recently saying how good they thought the track is.
“Nobody wants to lose it. We produced the biggest crowd of last season, we produced the most satisfied crowd by F1’s own crowd survey feedback and we do add value. We are materially different to far flung places they go. But we can only pay the money that fans give us through ticket revenue.”
Silverstone backed
Leading figures in F1 have roundly supported Silverstone as the only place that can host the British Grand Prix, and have lauded the circuit’s heritage and its position at the heart of both UK motorsport and the F1 schedule.
Five-time British GP winner Lewis Hamilton said: “The UK is part of the foundation of what this sport is, and if you start taking away the legendary races you lose all the history and culture. I truly believe that they’ve got to keep F1 in the UK, and particularly Silverstone. It’s such an awesome track, such an awesome place.
It’s one of the biggest turnouts of the whole season. You can’t
turn your back on that.”
Williams F1’s deputy team principal Claire Williams also said that the Northamptonshire venue was the only viable option to host the British GP and, with so many F1 teams based in the country, it was essential that Silverstone remains on the calendar.
“From a purely emotional perspective, I can’t imagine Formula 1 not just without the British GP, but without the British GP at Silverstone,” said Williams. “I believe that its home is at Silverstone, I don’t see that there’s another facility in the UK that could accommodate everything that’s now required to host our circus.
“Silverstone has taken such a beating over the years yet I think put on one of the most successful races that we see. Last year was just awesome. You can have a great attendance but maybe the atmosphere isn’t there, but Silverstone put a whole lot of work in for a great show over four days. You can take things for granted and it’s only when they are taken away that you recognise how much you value them.”
Perfect venue
Williams added that the configuration of Silverstone, which was reworked in 2010 with the construction of a new arena section, with extra corners added on the infield and then linking back to the original layout via the Wellington Straight, was also perfect.
Silverstone’s owners, the British Racing Drivers’ Club, built the new Wing pits complex, which was used for the first time in 2011.
Williams said: “If Silverstone came off the calendar, we would all deeply regret that decision. Whenever those conversations have arisen, Williams has always been absolutely adamant that Formula 1 should have a race in Britain and most importantly at Silverstone.
“The circuit is one of the truest to F1’s DNA on the calendar, it is one of the traditional tracks and we have so few of them,” continued Williams. “It’s a real test of man and machine and requires every element of a race car; it’s not a power track, not an aero track. The drivers thoroughly enjoy racing on such an amazing circuit.
“I’m very passionate about Silverstone because it represents a strand of DNA of our sport and should never be removed, it should be protected and promoted, not scorned and criticised.”
Her views were echoed by Mercedes team boss Toto Wolff. “I think you cannot have F1 without the British GP,” he said. “Silverstone is the home of motor racing and it is the most famous track in the UK, and I hope they can find an agreement that is of mutual benefit. Both sides have probably the right argument but they need to find a consensus.
The British GP is iconic for F1. That is the most important [point]. It needs to be on the calendar.”
Additional reporting: Edd Straw