Silverstone extends British GP contract until 2024

Silverstone circuit chiefs have agreed a new deal with Liberty Media which will keep the British Grand Prix venue on the Formula 1 calendar until 2024.

Silverstone extends British GP contract until 2024

In July 2017, the track bosses triggered a break clause in the current British GP contract that had been signed with Bernie Ecclestone in 2009.

It meant Silverstone organisers opted out of the remaining 2020-26 seasons amid the financial uncertainty of a 5% escalator fee in the original deal, which would have taken the hosting cost up to £26 million. Recent interest from Liberty Media over holding the British race in London had raised fresh doubt over the likelihood of Silverstone signing a new deal.

But in a Wednesday preference conference with F1 CEO Chase Carey, Silverstone managing director Stuart Pringle and chairman of the British Racing Drivers' Club - the circuit owner - John Grant, a new deal was announced.

"We are really pleased to confirm that the British Grand Prix will stay on the calendar for at least the next five years, with the event remaining at its long-standing home, Silverstone circuit," said Carey.

"We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport, its starting point back in 1950.

"Today, Formula 1 is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots: Silverstone and the British Grand Prix are an integral part of that vision."

British GP history in pictures:

F1 sporting chief Ross Brawn said in March that the championship was "determined" to retain Silverstone, and reported that despite "differing in our views", the circuit and Liberty Media were "not a massive amount apart" in settling on the terms of a new deal.

As a privately-owned entity, Silverstone does not receive any way of public subsidies.

In recent years, the BRDC has restructured the circuit's business model so that it was not financially dependent on the British GP.

"Silverstone is one of the most iconic grands prix on the F1 calendar and with such a rich heritage it would have been disastrous for the sport and fans had we not managed to find a way forward," Grant said.

"2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13th May 1950 and will make next year's event all the more special. This is great news for the BRDC, Silverstone and Formula 1 - and for millions of British motor racing fans".

The new deal could also lead to the return of an official in-season test at Silverstone, with circuit boss Stuart Pringle saying "we'd been keen to hold it".

Liberty Media stated that it wanted to retain classic European circuits on the F1 calendar, but the Spain and German contracts are set to expire in 2020.

Last season, the British Grand Prix recorded the highest weekend and race day attendance figures of all 21 races - 340,000 and 140,500, respectively.

shares
comments
Mercedes: Winning mindset not down to "tree-hugging" ideas

Previous article

Mercedes: Winning mindset not down to "tree-hugging" ideas

Next article

Contract clauses won't decide Verstappen's future - Horner

Contract clauses won't decide Verstappen's future - Horner
Load comments
The signs that point to F1's rude health Prime

The signs that point to F1's rude health

OPINION: Formula 1's calendar might still be facing disruption as the pandemic affects travel but, says Mark Gallagher, the business itself is fundamentally strong thanks to the epic rivalry taking place on track and the consistent arrival of new sponsors.

The unexpected benefit of F1's sprint race repeat Prime

The unexpected benefit of F1's sprint race repeat

OPINION: Formula 1's sprint race trial at Silverstone drew mixed feedback on Saturday, but there remained the true test of how it would impact Sunday's Grand Prix. While fans were busy marvelling at Fernando Alonso's progress, a key lesson was being learned that would directly contribute to the dramatic lap-one clash at Copse the following day

Formula 1
Jul 22, 2021
The off-track considerations that led to Hamilton/Verstappen F1 shunt Prime

The off-track considerations that led to Hamilton/Verstappen F1 shunt

OPINION: Formula 1’s 2021 title fight turned ugly last weekend when Max Verstappen and Lewis Hamilton collided at the start of the British Grand Prix. Verstappen thankfully walked away unharmed, but this had been a clash long-since coming.

Formula 1
Jul 21, 2021
British Grand Prix Driver Ratings Prime

British Grand Prix Driver Ratings

The 2021 British Grand Prix will live long in the memory for the dramatic clash between Formula 1's two title protagonists, which opened the door for other drivers to capitalise. One did so in spectacular fashion, while others fluffed their lines

Formula 1
Jul 19, 2021
How Leclerc almost defied Hamilton after Silverstone clash Prime

How Leclerc almost defied Hamilton after Silverstone clash

A poor start for Valtteri Bottas and the lap one clash between Formula 1's 2021 title protagonists gave Charles Leclerc a surprise lead in the British Grand Prix that he almost held to the end. Here's how the Ferrari driver came close to a famous victory, ultimately denied by a recovering Lewis Hamilton three laps from home

Formula 1
Jul 19, 2021
The signs that suggest Mercedes can win at Silverstone Prime

The signs that suggest Mercedes can win at Silverstone

Red Bull and Max Verstappen scored an early blow against Lewis Hamilton and Mercedes at Silverstone, with sprint qualifying race victory. But that doesn’t mean Sunday’s grand prix is a foregone conclusion. Although Verstappen starts as the favourite, here’s why Mercedes still holds hope of winning

Formula 1
Jul 18, 2021
Uncovering Silverstone's engineering secrets for F1 success Prime

Uncovering Silverstone's engineering secrets for F1 success

Formula 1 returns to Silverstone this weekend, but despite its familiarity to all the teams it is no picnic. Here are five of the key points for engineers to consider prior to the British Grand Prix.

Formula 1
Jul 16, 2021
The 'special relationship' Ferrari will hope to exploit at Silverstone Prime

The 'special relationship' Ferrari will hope to exploit at Silverstone

Ferrari might have snubbed the very first world championship race on British soil but the Scuderia and the UK went on to enjoy some deep connections. As BEN EDWARDS explains, theirs is a shared history that is waiting for its next chapter to be written...

Formula 1
Jul 15, 2021