Silverstone owners play hard ball with F1
Silverstone will not host the British Grand Prix after 2019 unless the circuit's owners gets a better financial deal from Formula 1 owners, they announced yesterday just days ahead of this year's renewal.
The British Racing Drivers' Club (BRDC), who own Silverstone, announced they were triggering a break clause in their 17-year contract and the Grand Prix would not be raced on their prized possession post-2019 unless a revised agreement can be reached with Liberty Media, who were not the owners of Formula 1 when the original deal began in 2010.
"This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract," BRDC chairman John Grant said.
"We sustained losses of £2.8m (S$5m) 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.
"However, I want to be clear that although we have now activated the break clause, we are fully supportive of the changes the Liberty team are making to improve the F1 experience.
"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." - AFP