Future of British Grand Prix under threat as Silverstone could pull out of hosting the race due to rising costs
- The British Grand Prix has been held at Silverstone since 1950
- But the British Racing Drivers' Club admits the race costs too much to host
- The track is contracted to host the event until 2026 but a break clause could be activated by either party
- Nearly 200,000 spectators attended last year's race but the event still 'fell short of budget'
The future of the British Grand Prix is under threat as Silverstone’s management review the ‘potentially ruinous’ cost of hosting the race.
Silverstone’s dilemma was spelt out in a letter from John Grant, chairman of the British Racing Drivers’ Club — the track’s owners — to the members.
Grant underlined his desire to ‘preserve the GP’, but added: ‘The board is considering whether we should give notice before the 2017 British GP (as required) of our intention to exercise the break clause in the contract at the end of 2019. This is not a simple decision and we shall consider all the implications before coming to a conclusion by mid-year.
The future of the British Grand Prix at Silverstone is under threat due to high costs
Silverstone has hosted the British GP since 1950 and has a longstanding relationship with F1
‘No European circuit makes money from running a grand prix. Although even in a good year, the British GP does not generate enough cash to cover overheads, our major concern has always been the risk of a bad year.’
Silverstone fought off a bid by Donington to host the race from 2010 and signed a 17-year deal.
However, the crippling rise in the fee paid annually to Bernie Ecclestone’s Formula One Management Group meant they lost £2million in 2015 despite huge crowds.
Former BRDC president Sir Jackie Stewart told ITV: ‘There’s no other race track that could host the race.’
Silverstone will wait to see if F1’s new owners, Liberty Media, are willing to cut them what they call a ‘more equitable’ deal before making a decision.
The British Racing Drivers' Club wants to try and preserve the British Grand Prix
Nearly 200,000 spectators turned up to watch Lewis Hamilton win the 2016 British Grand Prix
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