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The future of the British Grand Prix at Silverstone has once again been placed in doubt due to the rising costs and the tracks inability to turn a profit while hosting the event.
The current contract for Silverstone expires in 2026, however, there is reportedly a clause available for the organisers to pull the plug on the race following the 2019 Grand Prix. Executive director of Silverstone Stuart Pringle has said that the rising expenses could cost the track its future as the home of the British Grand Prix.
"I sincerely hope it won't be the end of Grand Prix racing at Silverstone but we've made clear to the Formula One management we can't live with the present contract beyond 2019," said Pringle.
Talk of axing the Grand Prix began at the start of the year in January but disbanded when Bernie Ecclestone was ousted as CEO and Liberty Media took over Formula 1. It was expected that Liberty would manage differently with the interests of the track at hand, but as Pringle states, time is of the essence.
"We are pretty much a full house and we are charging pretty much a full price and we still can't make the sums add up," Pringle added. "Liberty have got some great ideas and we support their plans for a better show and fan experience. But they will likely take years to produce a significant benefit to the circuits and we haven't got the luxury of time. We need to deal in certainties and not possibilities."
Hosting fees rise by 5% every year, causing a steady increase in costs which reaches a monumental sum by the time the contract runs out in 2026 - from £12million in 2010, to £17m this year and £26m in 2026.
1996 Formula 1 world champion Damon Hill spoke up about the issue when it first arose in January, stating the British Grand Prix is a vital part of the UK's culture, advising the government to step in and assist the funding of the Grand Prix.
"This is a much-loved national event but, for whatever reason, it has always been very difficult to get additional funding from the government," Hill said. "Maybe now is the time to look at the British Grand Prix in the context of what is happening elsewhere and realise that it is an extremely good shop window for waving our banner and pointing to our brilliance in this field. When you think about post-Brexit Britain, you must wonder if this is exactly the type of thing we need to invest in to show off what we can do."
Fergal Walsh
Grand Prix of Belgium
G. Zhou
Squirrel10
Posts: 36
And here we go again. Isn't it time the UK government supported our biggest single sporting event, like the sponsorship other countries give their GP? Oh yes, those other countries actually value what F1 brings in terms of revenue, manufacturing, engineering, employment etc. Silly me!