Length of new British GP deal to be known Monday

A crucial detail of Silverstone's new multi-year deal to keep hosting the British Grand Prix will be divulged on Monday morning. A press conference at London's Grosvenor House Hotel is widely expected to confirm officially that Formula One is ...

A crucial detail of Silverstone's new multi-year deal to keep hosting the British Grand Prix will be divulged on Monday morning.

A press conference at London's Grosvenor House Hotel is widely expected to confirm officially that Formula One is staying at the Northamptonshire circuit for now.

Contrary to earlier remarks, Bernie Ecclestone is privately conceding that Donington has now been locked out of the sport for at least the next several years.

The precise length of Silverstone's new contract, however, is not certain. Some British newspaper reports say the track is taking over Donington's full 17-year term, while others say the deal could be for as few as 5 seasons.

Another report said the agreement could if desired be terminated by either side after ten years.

The Times newspaper claimed that the deal was reached after F1 chief executive Ecclestone agreed to lower the annual fee escalator from 7 to 5 per cent.

"It's been a long and tiring nonsense," the 79-year-old Briton is quoted as saying. "They could have done this whole thing months and months ago."

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Series Formula 1
Drivers Bernie Ecclestone