British GP Future in Ecclestone's Hands

The future of the British Grand Prix is in Bernie Ecclestone's hands following the acquisition of the rights to the race by the Briton's Formula One Administration company.

Interpublic, the world's No. 2 advertising group, said that in exchange for the early termination of its contract, which had been set to run until 2015, it had agreed to pay $93 million to Formula One Administration Ltd.

The company said that it still had lease and other obligations related to the Silverstone circuit, which hosts the British Grand Prix. It said those obligations would total near $62 million and would be paid through the end of 2007.

On Tuesday, the British Racing Drivers Club (BRDC), owners of Silverstone, said they welcomed Ecclestone's acquisition and that they were looking forward to the Formula One supremo's plans for the future of the race.

"The BRDC believes it is of paramount importance to the sport and industry in the UK that we retain the British Grand Prix at Silverstone," said the BRDC in a statement. "We are continuing discussions with our partners, including Formula One Administration (FOA), the Interpublic Group and the British Government, and remain committed to playing our part in retaining the Grand Prix.

"In the expectation that Mr Ecclestone wishes to retain the British Grand Prix at Silverstone, we welcome the acquisition of the rights to the event by FOA. We look forward to hearing Mr Ecclestone's plans for the future success and stability of the British Grand Prix."