MP doubts state funding for Silverstone

The UK government is unlikely to fund the projected redevelopment of the BRDC's Silverstone circuit, in view of the revenue generated by F1 and the large share that goes to Formula One Management, says a British MP. Clare Ward MP wrote in The Guardian: "I hope the government can provide some help in the form of an investment to keep the British GP, but I would be very concerned if millions were ploughed into a sport where clearly somebody is creaming off a large profit."

Jul 28, 2003, 6:28 PM

The Labour member continued: "It is about time that they worked out a solution that protects the race, while recognising that there is at least one party out of this bunch who is making a huge amount of money, and therefore can't expect the non-profit-making BRDC to stump up or sacrifice a similar proportion of its income. Nor can they expect, in my view, too much money from the government."

The MP for Watford did acknowledge that the government derived income from the motorsport industry, and that the local economy benefited to the tune of several million pounds from the British GP at Silverstone.