British GP future uncertain as Silverstone trigger break clause in contract

British GP future uncertain as Silverstone trigger break clause in contract

British GP future uncertain as Silverstone trigger break clause in contract

Among the speculuation over recent years are that the British Grand Prix could move to Donington Park in Derby. The original fee of £12m agreed in 2010 will have more than doubled to £27m by then, says the Daily Telegraph.

Former world champion Nigel Mansell, who claimed three of his four British GP wins at Silverstone, believes it would be "a very sad day" if the circuit no longer hosted grand prix racing.

The BRDC, which has until Sunday to activate the clause, will do so in the hope of brokering a...

The BRDC say they can longer afford to pay the fees to F1's owners, Liberty Media to host the event.

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Unlike many other tracks on the F1 calendar, Silverstone receives no government backing.

"I have voiced my views on that", he continued, revealing that he already suggested the deal to Liberty.

"We offered to extend the current deadlines in order to focus on everything that is great about Silverstone and Formula One". Regretfully, the Silverstone management has chosen to look for a short-term advantage to benefit their position.

"This was the only deal on the table at the time and the decision was taken to keep the British Grand Prix alive. We will carry on negotiating with the promoter in good faith and in private to reach a fair and equitable solution".

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But while Silverstone wants to continue its relationship with Formula One, it will not do so at the cost of financial ruin.

Silverstone is the only circuit in the United Kingdom with the classification to support F1, and no plausible alternatives have yet been offered.

"Despite being the most popular weekend sporting event in the United Kingdom - with a live audience of over 350,000 attendees - the net revenue we receive is not enough to cover the Grand Prix's share of our overhead costs, let alone turn a profit".

"While we would hate to lose the British Grand Prix, Silverstone will have a bright future without it - both commercially and in terms of continuing to serve as the heart of the British motor racing community".

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On Wednesday, tens of thousands are expected to gather in Trafalgar Square for a unique demonstration ahead of this weekend's British Grand Prix.

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