The FIA World Motor Sport Council met in Monte Carlo prior to the FIA awards banquet. They gave the British Grand Prix at Silverstone event the green light for the 2002 event. Earlier the FIA released the 2002 schedule showing the event as provisional.
The provisional status was given pending an investigation into the ongoing concerns regarding traffic and parking problems at past events. Those concerns have been addressed by both Britain's auto racing governing body, Motor Sport Association and the FIA Motor Sport Would Council.
Event promoter Octagon Motorsport promised that the problems at the circuit would be finished in time prior to the July 7, 2002 race. The approximate cost of the project will be £10.6 million ($15.2 million US). Plus, they posted a bond to ensure that they will live up to their promise. If Octagon does not complete the project in time, they will forfeit £3.5million ($5 million US).
"We are obviously delighted with the result which endorses the MSA's positive report on their findings during our inaugural 2001 event," said Octagon CEO Rob Bain.
"The FIA are in total support of our revised 2002 plans in addressing traffic and access at Silverstone."
"This is a good day for British motorsport," said Sir Jackie Stewart, three-time Formula One World Champion and president of the British Racing Drivers Club (BRDC). Silverstone is owned by BRDC.
"The FIA have taken the right decision, recognizing the great progress that has been made by Octagon and the BRDC in improving the traffic conditions in and around Silverstone.
"I would especially like to thank the Prime Minister, the Minister of Sport, Richard Caborn, and the Secretary of State for Culture, Tessa Jowell, for their efforts, commitment and support for the UK maintaining an FIA World Championship Formula 1 Grand Prix at Silverstone."