Silverstone triggers British Grand Prix F1 contract break clause

Silverstone's owner, the British Racing Drivers' Club, has triggered the break clause in its contract to host Formula 1's British Grand Prix

Silverstone triggers British Grand Prix F1 contract break clause

The move means that under current terms, the final F1 race at the venue will take place in 2019 - though the BRDC is hopeful it can negotiate a revised agreement.

After months of deliberation, the BRDC felt that it could not afford to keep the race going in the present situation because it was certain to lose money in the future.

That is because of a 5% escalator fee that British GP chiefs were supposed to pay, meaning the rights fee had jumped from an original £11.5million in 2010 to £16.2m in '17.

By 2026, which was supposed to be the final year of the contract, the fee would be £25m.

BRDC chairman John Grant said: "This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract.

"We sustained losses of £2.8m in 2015 and £4.8m in 2016, and we expect to lose a similar amount this year.

"We have reached the tipping point where we can no longer let our passion for the sport rule our heads.

"It would not only risk the very future of Silverstone and the BRDC, but also the British motorsport community that depends on us."

The BRDC hopes that by cancelling the contract it can come to a fresh agreement with F1's new owner Liberty Media to secure the future of the race beyond 2019.

"I want to be clear that although we have now activated the break clause, we are fully supportive of the changes the Liberty team are making to improve the F1 experience," said Grant.

"Our hope is that an agreement can still be reached, so that we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone for many years to come."

shares
comments

Immediate Esteban Ocon results surprised Force India Formula 1 team

F1 Group slams Silverstone for triggering British GP break clause

How Vasseur has begun Ferrari’s mission to keep Leclerc on side

How Vasseur has begun Ferrari’s mission to keep Leclerc on side

Plus
Plus
Formula 1
GP Racing

How Vasseur has begun Ferrari’s mission to keep Leclerc on side How Vasseur has begun Ferrari’s mission to keep Leclerc on side

Why Red Bull’s biggest F1 adversary is now itself

Why Red Bull’s biggest F1 adversary is now itself

Plus
Plus
Formula 1
Saudi Arabian GP
Jonathan Noble

Why Red Bull’s biggest F1 adversary is now itself Why Red Bull’s biggest F1 adversary is now itself

How "only tough" Tost's public lack of trust could hurt AlphaTauri

How "only tough" Tost's public lack of trust could hurt AlphaTauri

Plus
Plus
Formula 1
Saudi Arabian GP
Jake Boxall-Legge

How "only tough" Tost's public lack of trust could hurt AlphaTauri How "only tough" Tost's public lack of trust could hurt AlphaTauri

What Perez's Jeddah joy means for F1’s 2023 hopes for a real title fight

What Perez's Jeddah joy means for F1’s 2023 hopes for a real title fight

Plus
Plus
Formula 1
Saudi Arabian GP
Alex Kalinauckas

What Perez's Jeddah joy means for F1’s 2023 hopes for a real title fight What Perez's Jeddah joy means for F1’s 2023 hopes for a real title fight

Saudi Arabian Grand Prix Driver Ratings 2023

Saudi Arabian Grand Prix Driver Ratings 2023

Plus
Plus
Formula 1
Saudi Arabian GP
Alex Kalinauckas

Saudi Arabian Grand Prix Driver Ratings 2023 Saudi Arabian Grand Prix Driver Ratings 2023

How Perez kept Verstappen’s Saudi Arabian GP surge at bay

How Perez kept Verstappen’s Saudi Arabian GP surge at bay

Plus
Plus
Formula 1
Saudi Arabian GP
Jake Boxall-Legge

How Perez kept Verstappen’s Saudi Arabian GP surge at bay How Perez kept Verstappen’s Saudi Arabian GP surge at bay

The enormous job facing F1 for its Vegas gamble to pay off

The enormous job facing F1 for its Vegas gamble to pay off

Plus
Plus
Formula 1
Las Vegas GP
GP Racing

The enormous job facing F1 for its Vegas gamble to pay off The enormous job facing F1 for its Vegas gamble to pay off

Testing times for Vasseur, but the true challenge at Ferrari is about to come

Testing times for Vasseur, but the true challenge at Ferrari is about to come

Plus
Plus
Formula 1
Saudi Arabian GP
Jonathan Noble

Testing times for Vasseur, but the true challenge at Ferrari is about to come Testing times for Vasseur, but the true challenge at Ferrari is about to come