Due to rising costs, the British Racing Drivers’ Club (BRDC), have activated the break clause for the British Grand Prix, which will see Silverstone stop hosting the race from 2019.
BRDC activate break clause for the British Grand Prix
The cost of putting on the race for Formula 1 has increased by 5% year by year for the BRDC, which has seen costs rise rapidly, from £12 million in 2010 to up to £27 million in the future.
“We have reached a tipping point,” said John Grant, the chairman of the BRDC. “We can no longer let our passion for the sport rule our heads. We sustained losses of £2.8m in 2015 and £4.8m in 2016, and we expect to lose a similar amount this year. Our hope is that an agreement can still be reached, so that we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone for many years to come.”
Silverstone became the home of the British Grand Prix in 1987, and has been its home ever since.
Formula 1’s new executive chairman, Chase Carey, has said that he regards the British Grand Prix as “critically important” to the sport and has said that he is “determined to have a race in the UK”.
Carey did also acknowledge that there has been interest from other venues in the United Kingdom to host the race. This may refer to the recent rumour that the British Grand Prix could be held on a street circuit in the Docklands area of East London.
The F1 circus heads to Silverstone this weekend for the British Grand Prix which will be the tenth round and the half way point of the 2017 Season.