£100m deal keeps British Grand Prix on track

The British Grand Prix has been saved from Formula 1 extinction by a new £100million deal which was announced yesterday.

The sport’s oldest race had been under threat following a two-year saga, sparked by Silverstone triggering a release clause in its contract.

But a new five-year agreement signed off by F1’s owners Liberty Media, Silverstone, and the British Racing Drivers’ Club on the eve of this weekend’s event, ensures the Northamptonshire circuit will continue to stage the British race beyond this season and through until 2024.

“Silverstone is one of the most iconic grands prix on the F1 calendar and, with such a rich heritage, it would have been disastrous for the sport and fans had we not managed to find a way forward,” said John Grant, chairman of the BRDC, which owns the track, situated on the site of a World War Two Royal Air Force bomber station.

F1 chairman Chase Carey added: “We have been clear from the outset that this is one of our signature races. It was always our goal to renew the deal, and we have worked hard to find a proposition that we are both excited about.”

Under the old contract, signed when former supremo Bernie Ecclestone was at the sport’s helm, Silverstone was set to pay £26m to stage the race. The new hosting fee is thought to be in the region of £20m a year.

A major sticking point in contract negotiations was F1’s pursuit of a race in London. Discussions remain ongoing over the staging of a grand prix in the Docklands, with Carey confirming at Silverstone that a race in the capital remains a possibility.

Silverstone, 70 miles north of London, is wary that another race in the UK could dent its ticket sales, but Grant says assurances have been put in place. “We were concerned about the commercial threat having a competitor event on our doorstep,” added Grant. “So we have had discussions with F1 [and] come up with a set of arrangements which protects our interest if London becomes a reality.”