The British Grand Prix 69 year reign at Silverstone expected to end by 2019
The British Racing Drivers Club (BRDC), owner of Silverstone, is expected to try and terminate its contract with Formula 1 today, ending the British Grand Prix 69 year reign at the track.
It is understood the BRDC will try and activate a break clause in its contract to stop hosting the British Grand Prix at Silverstone by 2019 due to Formula 1’s rising fees. The track claims to have lost £3 million in 2015 and £5 million last year. The BRDC pays F1 £17 million to stage the race and the cost will rise to £27 million by 2026 when the contract ends.
New owners of F1, Liberty Media said in a statement: “Our focus is to preserve the British Grand Prix. We will carry on negotiating with the promoter in good faith and in private to reach a fair and equitable solution.”
The British Grand Prix could become a street race in the Docklands and Canary Wharf, according to a report in The Times, with the chairman and chief executive of Formula One, Chase Carey, expressing his desire for more street races, including London. However, it is thought London Mayor Sadiq Khan would likely oppose it due to pollution and said not approach had been made.
Former Formula One boss Bernie Ecclestone, who negotiated the deal with the BRDC in the first place, claims that it was one of the most generous deals in F1 and ‘almost every other race in Europe would happily swap for the Silverstone deal’.
The first British Grand was first held at Silverstone in 1948, two years before the World Championship of Drivers was introduced.
The 2017 British Grand Prix will be held this weekend at Silverstone, which is expected to attract 140,000 spectators.