Motorsport Blog
Topic

Motorsport Blog

Silverstone to announce long term deal to host British GP

shares
comments
Silverstone to announce long term deal to host British GP
Dec 7, 2009, 11:17 AM

Silverstone is hosting a press conference in London this morning, with BRDC president Damon Hill due to announce that a deal has been struck with B...

Silverstone is hosting a press conference in London this morning, with BRDC president Damon Hill due to announce that a deal has been struck with Bernie Ecclestone for the race to stay at the Northamptonshire track until 2026.

The deal has a break clause after 10 years.

The olive branch offered by Ecclestone, which swung the deal as far as Silverstone was concerned, was a reduction in the compound interest due on the deal each year, which will save Silverstone a significant amount of money. The starting fee to host the race is £12 million for 2010, rising to £16.8 million in 2015.

It appears that quietly in the background, new FIA president Jean Todt has been influential in persuading Ecclestone that the British Grand Prix is an important event on the calendar and must be saved. On that basis, he will no doubt also be pushing for a return of the French Grand Prix as soon as possible.

The deal has taken a long time to be finalised and this has largely been on Silverstone's side as they have been extremely cautious about making sure the numbers add up. Despite a large turnover, the profit margins are small on Silverstone, just £650,000 last year.

"It has been a long and tiring nonsense," Ecclestone said. "They could have done this whole thing months and months and months and months ago."

One solution to raise the income is to open the Grand Prix to more people, but Silverstone has a self imposed limit for health and safety reasons and has ruled out that possibility.
Next article
Fisichella admits 2010 Sauber seat possible

Previous article

Fisichella admits 2010 Sauber seat possible

Next article

Young drivers showed their talent this week in Jerez

Young drivers showed their talent this week in Jerez
Load comments

About this article

Series Formula 1
Be first to get
breaking news