The last GP of England in 2019?

Photo: Matthew Childs Agence France-Presse
The current agreement which provides for an annual increase of 5% of the costs was incurred in 2009, which was the last time the race from Silverstone was in danger of disappearing.

The future of the Grand Prix of England in Silverstone is threatened after the owners of the legendary circuit are availing themselves of the option to withdraw from the agreement with the Formula 1.

The British Racing Drivers Club (BRDC) has indicated that the Grand Prix of England in 2019 will be the last at Silverstone, unless the new owner of the F1, Liberty, will not reduce the costs to present the event.

The BRDC has indicated that in 2015 he had lost 2.8 million pounds sterling (approximately $4.6 million CDN) and 4.8 million pounds (7.97 million dollars) last year. Costs of presentation of the test have jumped by 11.5 per cent in 2015 to 16.2 million pounds (26.9 million dollars). The race organizers have stated that the costs of presentation of the test will increase to 25 million pounds (41.5 million dollars) by 2026, the final year of the current contract.

Lack of profitability

The organization added that ” it is no longer profitable financially… in the current settings “.

For its part, Liberty has stated that it wanted to maintain the race schedule beyond 2019.

“We will negotiate in good faith and in private with the sponsor in order to arrive at a fair settlement “, read a statement released by F1.

The BRDC believes that Silverstone is the cessation of the most popular in the calendar of the F1, with 350 000 spectators per race weekend.

The current agreement which provides for an annual increase of 5 per cent of the fees was incurred in 2009, which was the last time the race from Silverstone was in danger of disappearing. F1 has changed hands earlier this year when the american company of sports and entertainment has purchased the investment fund CVC Capital Partners.

The director-general of the F1, Chase Carey, was dismissed in January the possibility of downward revision of the agreements in order to maintain proofs mythical to the calendar, while recognizing the importance of these races to the identity of the series.

“We believe that these races [as in England] should be more important and more profitable “, said Carey before adding : “And we are supportive of the idea of working with current promoters to find solutions to get there. “