All the build up to the 2017 British Grand Prix was dominated by Silverstone’s circuit’s owners the British Racing Drivers’ Club (BRDC) announcing that they had decided to invoke their break clause with Formula One.
Back in January it was reported that they were considering activating their break clause within their contract with Formula One which had been due to run until 2026.
The reason behind the considered decision is the high hosting fees that the promoters have to pay Formula One to host the race.
The major problem for the BRDC is the escalator fee which has seen a cost of £12million in 2010 become £17million for 2017 and was set to exceed £27million by 2026.
‘It’s very simple – the costs are more than the revenues, We generate a lot of revenue from this event, probably more than any other F1 race, but we still have substantial costs.’ BRDC’s chairman John Grant told Sky Sports.
The BRDC were criticised for their timing of the announcement, however in business terms it made sense, they put the spotlight on themselves and then delivered.
Lewis Hamilton’s victory of course helped, four consecutive victories puts the three-time Formula One World Champion firmly amongst the British all time greats.
But it enabled Silverstone to shine as a venue with the British fans also playing their part. 300,000 attended over the course of the British Grand Prix weekend, making the race the most popular on the F1 calendar.
It was clear that the new owners of Formula One want a British Grand Prix, they said so much at the Formula One Live event at Trafalgar Square.
The weekend in Silverstone may well have made it clear that this was an event that they couldn’t afford to lose, strengthening the BRDC’s hand in their upcoming negotiations.
‘We will sit down with Liberty, Maybe at the end of the year when everything’s calmed down, we’ve got more time, they’ve got more time. BRDC president Derek Warwick told Sky Sports.
‘How can there not be a British GP at Silverstone? I’m sure somehow we will find some way of signing a new contract.’
F1’s commercial chief Sean Bratches added: ‘We have a plan to start speaking after the end of the current season.’
Share this article
Related Articles
