The promoters of the British Grand Prix have been given assurances they won’t have to compete with a race in London for the next three years.Formula 1 to keep their race at Silverstone on the calendar for the next five years. BRDC chairman John Grant said their new deal will reduce the circuit’s exposure to risk.
“We had two very clear objectives that we’ve set out all along from the start,” Grant told RaceFans in an exclusive interview. “We’ve told our members repeatedly, they never believed us. We said one priority was to reduce the risk to a manageable level and the other one is this thing has to make economic sense for us. And we have met those objectives.”
One potential threat to the race is the possible addition of a new race in London, which would fit with Liberty Media’s goal of setting up new events in ‘destination cities’.
“That seemed to be becoming more of a reality than we had anticipated earlier,” Grant admitted. “That was obviously a source of considerable debate and discussion between us.
“We said you can have a London Grand Prix but that’s upside for you and it’s all downside for us. We’ve got to come to an arrangement that protects us in the event it happens. So we have come to an arrangement that protects us in the event it happens, if it happens.”
“It wouldn’t be for the first three years,” he added. “They’ve said it’s not going to happen until 2023 at the earliest, probably.”
The BRDC activated a break clause in its previous contract, which would have run to 2027. The new five-year deal will keep the race on the calendar until at least 2024. “The key thing for us is five years is long enough to justify more investment in the circuit, continuing with those programmes,” said Grant.
He did not confirm whether they had been able to reduce their payments to FOM. “It wasn’t all about the fee,” he said.
“It was about coming up with different ways of doing things. Additional revenues, different ways of working together to create more revenues, all that kind of stuff. There was a bit of give and take in those areas, a bit of creativity.”
Advert | Become a RaceFans supporter and
2019 F1 season
- McLaren Racing reports reduced £71 million loss in 2019
- Kvyat: Hockenheim podium last year was “my biggest achievement” so far
- How the FIA’s new encrypted fuel flow meter targets Ferrari’s suspected ‘aliasing’ trick
- “He smashed my office door”: 23 must-see moments from ‘Drive to Survive’ season two
- ‘I should have done a better job. There’s things that I know I can do better’