Silverstone keeps GP to 2006

The statement runs: "Following recent meetings between Bernie Ecclestone, representing Formula One Administration, Sir Jackie Stewart, representing the BRDC, and the British Government, a way forward has been reached that will allow the British Grand Prix to be retained in the United Kingdom for 2005 and 2006.

"Bernie Ecclestone has agreed to grant the rights to a promoter on the same contractual terms as other European countries, such as Germany and Italy, for the Grand Prix to be held in the UK for the next two years, on the understanding that there will be significant long-term investment at Silverstone to raise the standards of the circuit and its facilities to the level of its international competitors.

"Bernie Ecclestone, the commercial rights holder for Formula One Grand Prix racing, has in the past been critical of the facilities and amenities at Silverstone, which have not matched both the new arrivals on the Grand Prix calendar and other Grand Prix circuits around the world.

"At the Annual General Meeting of the British Racing Drivers' Club held at Silverstone today (25th May 2004), the President of the Club advised its Members of the challenges ahead and has asked for their support in creating changes that will be required to ensure long term stability for the Club, for making Silverstone a first class facility, and for the retention of the Grand Prix. Negotiations between the parties are continuing.

"Bernie Ecclestone is supportive of the proposals being discussed and is anxious to retain the Grand Prix in the United Kingdom, for the good of the country and the sport. The British Government, represented by Richard Caborn, Minister of Sport, and assisted by the DTI and EMDA, the regional development agency, is also very keen that the country's premier motorsport event is retained and that the industry has a Centre of Excellence at Silverstone that the country can be proud of.

"The BRDC and Government are together working in partnership on examining the best way forward to ensure that the greater Silverstone is known not just for the excellence of its motorsport event calendar but also for a cluster of high performance engineering companies that are valued for their world-class excellence and which contribute so much to the UK economy."