BRDC rejects Silverstone loan idea
The British Racing Drivers' Club Board has rejected Bernie Ecclestone's suggestion that it take out a £50 million loan to finish development work on Silverstone, in an open letter written to all members of the BRDC
Formula 1 boss Ecclestone accused the BRDC of wasting investment in the British circuit, and refused to guarantee the future of the race. The BRDC now says that it is confident that the British Government will help secure the future of the event, after the Minister of Sport pledged to make Silverstone "the best in the world."
The BRDC letter reads: "Suggestions made by Mr Ecclestone and the media that the BRDC should borrow £50 million towards the cost of finishing Silverstone have been examined in detail and it is now generally accepted that they are unrealistic and economically unsustainable for the Club.
"The Minister of Sport has pledged that the Government will put 'their money where their mouth is' to make Silverstone 'the best in the world.' The Government, represented by the East Midlands Development Agency, FOM, IPG and the BRDC are now in discussion to secure the long term future of the British Grand Prix."
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