Paul Jeffrey
Premium
The British Racing Drivers Club (BRDC), owners of the Silverstone Grand Prix track, are reportedly looking at the possibility of breaking from their commitment to host the British Grand Prix at the end of the 2019 Formula One season, citing the ever rising costs of hosting a Grand Prix as a "potentially ruinous risk" to a circuit devoid of any Government funding.
In a letter from BRDC Chairman John Grant seen by ITV News in the UK, Grant goes on to spell out the dangers of continuing the 17 year contract signed back in 2009 and confirms "the Board is considering whether we should give notice before the 2017 BGP (as required) of our intention to exercise the break clause in the BGP contract at the end of 2019."
"This is not a simple decision, and we will consider fully all the implications before coming to a conclusion by mid-year."
The current contract between Silverstone and the Formula One group has a get out clause that must be activated before the 2017 event, coming in to effect at the end of the 2019 racing season.
According to ITV News "The accounts of Silverstone Circuits Ltd, filed at Companies House, show that the race track is making persistent losses, In 2015 the company lost £5 million on turnover of £55 million and underwent a capital restructuring". With these kinds of losses against a track that unlike many on the current calendar does not receive any government funding to help alleviate some of the incredible costs associated with hosting a Grand Prix, it is perhaps not unsurprising that the board of directors are willing to investigate any and all possibilities to ensure the safe future of this legendary circuit.
Part of the letter seen by ITV News from the BRDC chairman. Credit: ITV News
When questioned as to the legitimacy of the details laid out in the BRDC letter, Chief Eecutive of the Formula One Group Bernie Ecclestone said: "If they want to activate a break clause, there is nothing we can do.
"Two other tracks have contacted us and we are keen to keep a British Grand Prix, there is no doubt about it, we want to have one.
"As far as Silverstone is concerned, it's not in our hands."
It is not certain as to which two tracks Ecclestone refers, as no other location in the UK is currently capable of hosting a Grand Prix standard event. Doinington Park in Leicestershire has previously shown an interest in hosting the race, even having gone as far as securing a contract to host the race from 2010 onwards following a promise of major redevelopment work at the venue, however a comedy of errors of judgement and dubious intentions of the now defunct Donington Ventures operation saw an end to that endeavour and almost financially ruined a circuit left in major disrepair following the failed redevelopment. Donington have since renovated the original track and continues to host major national and international events, however how much of an appetite the track owners will have to engage in the major financial risk required to host a Formula One Grand Prix remains to be seen.
It will be interesting to see how much of a genuine threat the letter represents, or if this is a clever ploy by the BRDC to drive down the hosting fees post 2019 remains to be seen.
The Formula One sub forum here at RaceDeparment is the ideal place to come and discuss the world of Grand Prix racing while we wait for the green light to blink at Melbourne in March. Head on over to the forum and join in the discussion today!
What do you think of the potential loss of Silverstone from the Formula One calendar? Do you think the FIA should do more to protect historic events on the schedule? Let us know in the comments section below!
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