There is some hope for the British Grand Prix, as the owners of the Silverstone Circuit begin a discussion with the British government regarding funding support. The event organizers have until this year’s event to decide the future of the event.
It was recently revealed that Silverstone may be looking to make an exit from Formula One. Despite being contracted until 2026, the British Racing Drivers Club has until the 2017 British Grand Prix in July to decide whether or not to activate a break clause in the contract which would see the British Grand Prix dropped from Silverstone at the end of 2019.
However, there is hope for the future of the event, as the circuit owners and event organizers have contacted the British government to seek some financial support to run the event. Unlike many of Grand Prix events in Formula One, the British Grand Prix has been run independently without any government support for many years.
One of the reasons for Silverstone’s potential exit is because of the increasing costs associated with the event. Every season, the hosting costs are increased, eating into the event’s profits, despite some positive attendance. This financial flaw has caused a few circuits to also question the financial plausibility of their events.
Derek Warwick, the president of the British Racing Drivers Club, has told various sources that the organization has already had meetings with Liberty Media (the company acquiring Formula One) and Chase Carey (the F1 chairman). Liberty Media is looking to preserve the future of classic races, such as Silverstone.
Warwick said that even Bernie Ecclestone has called the organization to set up a meeting. When the news was originally announced, Ecclestone had stated that he was in contact with two other circuits interested in hosting the British Grand Prix, even though Silverstone is the only British circuit that holds the FIA Grade 1 rating required to host a Formula One event.
Is Silverstone Really Planning Their Way Out?
Silverstone Could Ditch The British GP
