The British Racing Drivers' Club (BRDC) has triggered the break clause in its contract with Formula 1 owners Liberty Media to stop hosting the British Grand Prix at Silverstone. We will carry on negotiating with the promoter in good faith and in private to reach a fair and equitable solution..
"But we have reached the tipping point".
Silverstone had a crowd of 139,000 on race day past year, the biggest of any current grand prix, but BRDC chairman John Grant said that even with that attendance it still could not make a profit due to high hosting fees. The sport is under no obligation to retain a grand prix at Silverstone, though, with options at other United Kingdom circuits and even a new, as-yet-unplanned street circuit in the east of London.
Lewis Hamilton at the 2015 British Grand Prix at Silverstone - a sight soon to end?
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The pod's recent activity also includes their review of the latest F1 news, interviewing Norwich City sporting director and F1 fan Stuart Webber, plus their forthcoming predictions of what might happen at Silverstone. Much of that loss stems from an escalator clause within the BRDC's contract with Liberty Media, which has seen its fee to host the race increase faster than inflation since the 2009 contract was signed.
The organization added that " it is no longer profitable financially... in the current settings ".
The race organisers say the fee will have leapt to STG25 million ($A42 million) by 2026 - the a year ago of the current contract.
It may seem odd the best attended grand prix of the championship - 350,000 will come to the four-day festival which starts tomorrow and the race itself will attract a worldwide TV audience of 400m - can not make ends meet.
"Silverstone needs to be a little bit careful how they handle themselves and negotiate, that they don't find themselves losing out".
"The British Grand Prix remains one of the best-supported sporting events in the country, attracting 139,000 fans on race day in 2015 and a similar number past year". Until then, I'm away on a two-day break. We need to figure out a way for them to make more money, so either we need to create new revenue streams or re-cut the deal. That demo comes amid speculation F1 bosses are keen to explore the possibility of a future race around Docklands area of east London.
"I don't feel Formula One is winning, and it hasn't been for a long time", he was quoted as saying earlier this year.