The president of the British Racing Drivers’ Club, Derek Warwick, has acted to allay fears over the future of the British Grand Prix by revealing the body, which owns Silverstone, is in talks with the government to safeguard the race’s future.
The BRDC warned last week of the financially “potentially ruinous risk” of continuing to host Formula One at the track and that it may activate a break clause to opt out of its contract in 2019.
With few other viable venues available it threw the existence of the British Grand Prix, a meeting that has been on the world championship calendar since it began in 1950, into doubt. However, Warwick is now positive a solution will be reached.
Silverstone has staged the race since 1987 but despite attendances of more than 139,000 at the past two meetings it has continued to lose money hosting the event, with the BRDC chairman, John Grant, warning that high race fees were unsustainable even with such crowds.
Warwick is optimistic a way round the problem will be found. “We are talking to the government to see if there is any help there,” he said at the Autosport International Show in Birmingham on Friday. “I feel there is light at the end of the tunnel and I think we will have a grand prix past 2019.” He added: “We are feeling very positive at the minute.”
He is confident the sport’s new owners, the Liberty Media group, and Bernie Ecclestone will be part of reaching a solution. “We have had meetings with Liberty and Chase Carey [the Formula One Group chairman]. He understands our dilemma. Even Bernie is calling us and saying: ‘Let’s set up a meeting and talk about it.’”
Unlike many of the newly added circuits, which are publicly supported for promotional purposes, Silverstone receives no government backing. However, given the current economic situation the concept of direct public funding of an event that makes considerable sums for the sport and its owners seems highly unlikely, and any assistance may take more indirect forms.
More realistically, a renegotiation of the current contract, set to run until 2026, would be feasible. Liberty has made clear their support for keeping classic venues on the calendar and for lowering costs. Equally for a media company, which wants to promote the sport, it is in its interest to maintain an event that boasts big crowds, as opposed to the areas of empty grandstands noticeable at some modern venues. Ecclestone has previously been dismissive of Silverstone’s complaints but there remain no other tracks currently suitable to host F1 in the UK.
