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Thread: Silverstone triggers break clause in F1 British GP deal

  1. #1
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    Silverstone triggers break clause in F1 British GP deal

    Silverstone’s owners, the British Racing Drivers’ Club, have triggered the break clause in their contract to host the British Grand Prix.

    The move means that under current terms, the final race at the venue will take place in 2019.

    After months of deliberation, the BRDC felt that it could not afford to keep the race going because it was certain to lose money in the future.

    That is because of a 5 percent escalator fee that British GP chiefs were supposed to pay – meaning the rights fee had jumped from an original £11.5 million in 2010 to £16.2 million in 2017.

    By 2026, which was supposed to be the final year of the contract, the fee would be £25 million.

    John Grant, Chairman of the British Racing Drivers’ Club, said: “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. We sustained losses of £2.8m in 2015 and £4.8m in 2016, and we expect to lose a similar amount this year.

    “We have reached the tipping point where we can no longer let our passion for the sport rule our heads. It would not only risk the very future of Silverstone and the BRDC, but also the British motorsport community that depends on us.

    “However, I want to be clear that although we have now activated the break clause, we are fully supportive of the changes the Liberty team are making to improve the F1 experience.

    "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.”

    The BRDC hopes that by cancelling the contract it can come to a fresh agreement with F1’s new owners Liberty Media to secure the future of the race beyond 2019.

    Silverstone could have "bright future" without F1

    Referring to Silverstone as "the only viable venue for the British GP", Grant said that the initial deal, signed in the last decade, has had "widely reported" issues.

    "The challenges associated with the contract signed in 2009 with the then owners of Formula 1 have been well documented," Grant said.

    "Looking back, the decision to sign this contract was made to preserve the British Grand Prix and ensure this great, historic race was not lost.

    "This was the only deal on the table at the time and the decision was taken to keep the British Grand Prix alive.

    "But the reality is that for many years the British Grand Prix has made a net loss.

    "Despite being the most popular weekend sporting event in the UK – with a live audience of over 350,000 attendees - the net revenue we receive is not enough to cover the Grand Prix’s share of our overhead costs, let alone turn a profit."

    Grant warned in the statement that Silverstone could have a "bright future" without Formula 1 if a new deal isn't reached, but stressed that a split with F1 would have far-reaching consequences for the area.

    "While we would hate to lose the British Grand Prix, Silverstone will have a bright future without it – both commercially and in terms of continuing to serve as the heart of the British motor racing community.

    "But losing the British Grand Prix would have a negative impact that is felt far beyond Formula 1 and Silverstone.

    "Seven out of the 10 F1 teams are based in the UK – many close to Silverstone. This brings vital jobs to the country, as well as having a positive impact on the local communities and economy.

    "There’s a good reason why the area around Silverstone is known as the 'Silicon Valley of motor sport'. Take away the British Grand Prix and this is all placed at risk."

    https://www.motorsport.com/f1/news/b...ne-929424/?s=1
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  2. #2
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    Hope something can be sorted out. I read last night that Horner thinks this could open up London GP
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    Quote Originally Posted by Rob View Post
    Hope something can be sorted out. I read last night that Horner thinks this could open up London GP
    My thoughts exactly too since they will be doing a show today in the middle of the streets. I hope Liberty saves Silverstone.

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    They do this nonsense every few years and just before the race. I have no doubt that in 2-3 weeks some deal will be worked out again. *sigh*

    Personally, I think the track is garbage these days and yes I'm English, Silverstone used to be great but over the years the changes to it have imo ruined it, the last straw was losing Bridge corner which was awesome. These days the track is bland and boring and quite frankly I'm happy when it's done as I hate how the british press big it up in the weeks before the race "best race of the year" "best track ever". what utter garbage.

    If it dropped off the calendar tomorrow I would not miss it, terrible track and the prices are outrageous.
    Common doesn't mean "Come on"; "Should have" not "Should of" ;)

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    London GP would mean another street track, I think there's just too many street track already. And to add another street track is this:

    http://www.espn.co.uk/f1/story/_/id/...street-circuit

    The route of a proposed street race around the city of Copehnagen has been revealed by a group planning a Danish Grand Prix for 2020 and beyond.

    A Danish consortium have developed a plan for a 4.5 kilometer circuit, which would run past the Christiansborg Palace -- home of the Danish parliament -- and go over two different harbour bridges, according to a report in the Jyllands-Posten newspaper. Planners hope cars will be able to reach 300 km/h along one of those, the Knippelsbro Bridge.

    The report states the €40 million plan is being backed by Danish business magnate Lars Seier Christensen -- a former personal sponsor of Romain Grosjean -- and former MP Helge Sander and has been provisionally signed off by new Formula One owners Liberty Media. It also reports F1 circuit designer Herman Tilke visited the city in March of this year to oversee the planned route.

    Sander says the current proposal is the outline of circuit planners hope will join the calendar in 2020.

    "The track we have submitted to Formula One in London is not with complete certainty the final version, but it is the basis, and if there are any changes they will be minimal," Sander told Jyllands-Posten. "The track has been approved by Hermann Tilke who also had questions and ideas for adjustments. But that is something we will look at on an ongoing basis."

    A Danish Grand Prix would align with Liberty Media's desire to increase the calendar and strengthen F1's European heritage.
    Last edited by fmatiasii; 12th July 2017 at 13:20.

  6. #6
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    Quote Originally Posted by FerrariSteve View Post
    They do this nonsense every few years and just before the race. I have no doubt that in 2-3 weeks some deal will be worked out again. *sigh*

    Personally, I think the track is garbage these days and yes I'm English, Silverstone used to be great but over the years the changes to it have imo ruined it, the last straw was losing Bridge corner which was awesome. These days the track is bland and boring and quite frankly I'm happy when it's done as I hate how the british press big it up in the weeks before the race "best race of the year" "best track ever". what utter garbage.

    If it dropped off the calendar tomorrow I would not miss it, terrible track and the prices are outrageous.
    Where else guys(UK)? Brands Hatch??? Donington??. I know those venues lack the infrastructure to handle lets say 100k+ people let alone getting the those tracks up to F1

    standards. The UK is the birth place of F1 and so it should host an F1 venue!! Silverstone sits atop an on old WWII airfield (Spitfires, Lancasters, Halifaxes) so there is that as

    well. I know Silverstone and the BRDC have done this before, but I don't think this is the be-all and end-all of Silverstone; I hope not.

    Note: I'm not for a London GP (another Monaco race track); too many issues I believe just to host it, but who am I.

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    God help us! A GP around London - what a ghastly prospect, another soulless street/ carpark circuit. Let's hope the posturing stops and Silverstone carries on hosting the British GP. I still miss Brands but as a previous poster said, no way could it be upgraded to current F1 spec..
    Give me strength!

  8. #8
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    Would love to see F1 back at Donnington or Brands Hatch but I can't see it happening, too much would need to be spent on the tracks to bring them up to standard.
    Common doesn't mean "Come on"; "Should have" not "Should of" ;)

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    Lots of empty seats today in our grandstand...maybe they need to lower the prices with any new deal....
    Forza Ferrari

  10. #10
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    Quote Originally Posted by Greig View Post
    Lots of empty seats today in our grandstand...maybe they need to lower the prices with any new deal....
    Anyway pricing for tickets for F1 race nowadays are very expensive. For instance, general admission weekend ticket at Hungaroring is 90 EUR!?! That is plain field I am talking about! What the hell!

  11. #11
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    Quote Originally Posted by stefa View Post
    Anyway pricing for tickets for F1 race nowadays are very expensive. For instance, general admission weekend ticket at Hungaroring is 90 EUR!?! That is plain field I am talking about! What the hell!
    GA ticket Silverstone £160 or £170 this year. Cannt remember. Way to expensive. Then £60 to park your car in Silverstone car parks.
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