During the build up to the 2017 British Grand Prix, Silverstone’s circuit’s owners the British Racing Drivers’ Club (BRDC) announced 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 has 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.
As it stands the last British Grand Prix at Silverstone will be in 2019, but there are plans for further talks and a new contract.
‘We need to sit down and spend more time with them, frankly, to understand things in detail so we can see what they want, what we want, and what the numbers look like. It will take more time, more calm reflection from both of us, to come to a solution. Is that possible? Absolutely that’s possible.
‘The good news is we have two years, that’s lots of time to come to a solution. I think it will take at least many months to get through this probably, but I’m very hopeful that by the time we get to 2019 we will have found that solution.’
It’s 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.
But will that be at Silverstone or will it be potentially around the streets of London or elsewhere?
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