'No rush' to replace British GP boss

Bain stepped down in the wake of criticism from Formula 1 chief Bernie Ecclestone, who slammed the organisation of last weekend's race despite the general feeling of a big improvement over previous years.

Octagon's board has met and agreed to consider carefully its next move. A spokeswoman said: "There is no decision on a replacement. We have a committee of people who are working on finding the best model to take the company forward.

Asked whether the eventual replacement is likely to come from within Octagon's ranks, she said: "I don't know. It is too early to say. With the experience of the people we have working at Octagon we have to look at the best way forward. We have time to work that out."

Bain was dismayed by Ecclestone's comments that the British GP was "a country fair masquerading as a global event". He hit back after the race with an impromptu press conference in the Silverstone media centre and was rapped for doing so by motorsport's governing body, the FIA.

The 37-year-old was sent a letter by the body on Monday morning saying that he had breached FIA protocol. Representatives of commercial bodies are not allowed into the media centre.

Bain's punishment was a ban from the paddock for next year's race. The letter, combined with the personal stress he had gone through over the past two years rebuilding the image of the British GP, was enough to convice him to quit.