The owners of Silverstone Circuit have triggered the break clause of their British GP contract with Formula One Management, ending its relationship with F1 after 2019.
The decision was widely expected, and in the British Racing Drivers’ Club’s best interest given the event’s financial burden on the association.
“We have reached tipping point,” said BRDC chairman John Grant.
“This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract,” said British Racing Drivers’ Club (BRDC) chairman John Grant.
“We sustained losses of 2.8 million pounds in 2015 and 4.8 million in 2016, and we expect to lose a similar amount this year.”
“Our hope is that an agreement can still be reached, so that we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone for many years to come.”
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The BRDC could indeed re-enter negotiations with The Formula One Group to construct a new deal securing the future of the showcase event at Silverstone.
The original deal signed with Bernie Ecclestone called for a 17-year presence of the British GP at the track, but with an annual 5% increase of the franchise fee.
The escalation means that the BRDC can no longer afford to stage one of the country’s premier sporting events, leaving the BRDC no choice but to activate its break clause.
F1 CEO Chase Carey maintains that it is Formula 1’s and Silverstone’s interest to keep the race at its current venue. The parties now potentially have two years to hammer out a new agreement.
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