British racing course Silverstone are reported to have ended their contract with Formula 1. The British Racing Driver’s Club have cited increased costs as the reason behind their decision, but what this means for the future of the British GP remains to be seen.
Silverstone is one of the most iconic venue’s on the F1 circuit. The BRDC signed a 17-year contract with Formula 1 around 8-years ago; however, they have now decided to trigger a break-clause that will effectively end their relationship with the company in 2019.
The news will no doubt shock F1 fans all over the country, but the BRDC have stated that they can no longer let their passion for the sport ‘rule their heads’. BRDC chairman John Grant explained: “By running the British Grand Prix we sustained net losses of £2.8m in 2015 and £4.8m in 2016 – that’s £7.6 million over two years. We expect to lose a similar amount this year. To continue on this path is not only unsustainable, it would put at risk Silverstone, the home of British motor racing.”
Silverstone is currently the only viable option for a Formula 1 scale race to take place. Lets hope the two parties can reach an agreement in the not so distant future.