Grapevine: Ecclestone Could Become British GP Boss

Formula One supremo Bernie Ecclestone is on the verge of becoming the new promoter of the British Grand Prix, according to a report by the Financial Times newspaper.

According to the report, Ecclestone has confirmed to the Financial Times that he is holding talks with Interpublic, one of the world's largest advertising groups and the owners of Octagon Motorsports, who owns the rights to promote the British Grand Prix for 15 years from 2002.

Octagon reached an agreement with the BRDC (British Racing Drivers Club) in December, 2001 to lease the operational activities for the Silverstone circuit until 2017. Octagon also controls five of the UK's top circuits, including Brands Hatch, who has just signed an agreement to host a CART race in 2003.

According to FT, Ecclestone would consider taking over the commercial rights of the Grand Prix if loss-making Octagon collapsed, was sold by Interpublic or, for some reason, was unable to organise the British Grand Prix. The report claimed Octagon had lost more than £37m in the first nine months of 2002.

Ecclestone has been very critical of the organisation of the British Grand Prix over the last years, and after the 2002 race he compared the event at the Silverstone circuit to "a country fair."