Will Silverstone end Formula 1 Contract after 2019?
Could we be seeing the beginning of the end for the British Grand Prix?
We hope not however according to numerous reports including Reuters, it seems that the race organisers are looking at a break clause which puts the future of the British Grand Prix uncertainty.
The current deal which is in place was agreed with Bernie Ecclestone. This year alone, Silverstone will be charged £16.9 million to host the British Grand Prix with the fee then continuing to grow by 5% each year – meaning that by the end of the contract in 2027, Silverstone will be paying £27.5 million to host the British Grand Prix.
The BRDC who are the race organisers are looking to see if a new deal can be done with Formula 1’s new owners, Liberty Media.
Formula One Management had recently offered to take over the race for five years and to secure the future of the British Grand Prix however this was rejected, along with another offer from a separate organisation.
The BRDC has been arguing that they do not receive any state help – unlike many other races which receive help to fund hosting and continued to say that they are in “risk” making annual losses of £2-3 million just to host the British Grand Prix.
Since taking over from Bernice Ecclestone, the American company – Liberty Media is pushing hard to raise the profile and popularity of Formula 1. With new aspects already in place, the company is welcoming a lot more social media interaction from drivers and teams around the paddock at different race weekends primarily to reach a wider (and potentially younger) audience.
Liberty Media has stated that it wants to retain classic races such as the British, German and French Grand Prix – with the French Grand Prix making a comeback to the race calendar next year.
Potential talks will be taking place in the next few weeks but as things stand, the future of the British Grand Prix is uncertain.