British Grand Prix Future Secured

The future of the British Grand Prix has been secured after an agreement between the Brands Hatch and Silverstone circuits to hold the event at Silverstone for the next 15 years.

Frank Lowe, chairman of Brands Hatch owners Octagon, and Jackie Stewart, the president of Silverstone's owners the British Racing Drivers' Club (BRDC), announced the 15-year deal at a news conference on Saturday.

Brands Hatch own the rights to host the British Grand Prix from 2002 to 2017, but the Kent circuit has had problems with planning permission and has leased the hosting rights to Silverstone.

The agreement is subject to approval from the BRDC members at an emergency general meeting on December 18, but they are expected to agree the deal under which Octagon would invest heavily in Silverstone.

"This agreement, if approved by members of the BRDC, will be great news for British motor sport," said Lowe. "Silverstone is one of the most famous tracks in the world and needs the facilities to match that reputation."

Silverstone came under severe criticism when this year's event in April was marred by heavy rain which caused chaos as water-logged car-parks were closed and fans turned away. The 2001 race has been moved back to July at Silverstone.

Lowe added that Octagon would continue to invest in Kent circuit Brands Hatch over the next 15 years to make it into a major motor racing venue.

Three-time world driver's champion Stewart described the deal as the "biggest day in the history of British motorsport".

Stewart said the agreement, which will involve Octagon investing heavily in their rival track, would give the British public a Formula One race to be proud of.

"It is the biggest day in the history of the sport in Britain and I have no doubt that the facility will be surpassed by no other racetrack in the world," Stewart said.

"It will give the whole motorsport industry in the United Kingdom a very strong foundation and it's a win-win situation for motor racing."

Stewart has called for Government support for the project.

Bernie Ecclestone, the vice-president of the Federation de l'Automobile (FIA), was named by Stewart as one of the main investors in the redevelopment of Silverstone which will cost "tens of millions of pounds".

The lease deal to host the British Grand Prix begins on January 1, 2001.

Stewart added: "We're in a situation where we will have the Grand Prix track that is the best in the world and we want to get the support of the Government.

"The Melbourne track in Australia was paid by government money and the French government built the Magny-Cours circuit.

"The Spanish created a sporting arena for the 1992 Olympics that included the Barcelona track and we want similar funding.

"We want them to match what the BRDC, Octagon and Bernie Ecclestone are investing."