Sport Liberty committed to a British GP beyond 2019

14:50  12 july  2017
14:50  12 july  2017 Source:   Read Sport

Silverstone owners set to make announcement on future of British Grand Prix

  Silverstone owners set to make announcement on future of British Grand Prix The long-term future of the British Grand Prix will be left hanging precariously in the balance on Tuesday with Silverstone's owners poised to announce that they have activated a break-out clause to cease Formula One racing after 2019.British Racing Drivers' Club chairman John Grant was due to host a press conference on Tuesday afternoon, in which he will deliver what has been billed as a "significant announcement" regarding the circuit's future.

Future of grand prix at Silverstone unclear beyond 2019 . New F1 CEO Chase Carey told SSNHQ in January that Liberty Media was committed to keeping a British race, but did not guarantee it would remain at Silverstone.

No index. Beyond the lands.

Canadian F1 Grand Prix - Practice © Dan Istitene/Getty Images Sport Canadian F1 Grand Prix - Practice

Formula 1’s commercial leader Sean Bratches has stated that the sport is committed to a British Grand Prix beyond 2019, but refrained from identifying Silverstone as a likely venue.

As the managing director of commercial operations within Liberty Media’s triumvirate, it is expected that Bratches will lead the negotiations towards securing a new British GP deal.

On Tuesday, the future of the race was thrown into jeopardy when current host Silverstone activated the break clause in their contract, meaning that without revised terms, the 2019 race would be the last.

Break clause activation puts British GP future into jeopardy

  Break clause activation puts British GP future into jeopardy After weeks of speculation, Silverstone has activated the break clause on their current contract with F1 owners Liberty Media, meaning that the 2019 British Grand Prix is set to be the last under the current guise. The British Racing Drivers’ Club – who own the Silverstone venue – have been backed into a corner by the fiscal unsustainability of the current contract, which was penned back in 2009. The terms agreed included a five percent escalator fee which has facilitated an annual increase in the overall cost of the race. With the event costing a mere £11.5 million in 2010, this number has risen to a suspected £17 million fee to host this season’s race. BRDC Chairman, John Grant, stated: “This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract. We sustained losses of £2.8m in 2015 and £4.8m in 2016, and we expect to lose a similar amount this year. “We have reached the tipping point where we can no longer let our passion for the sport rule our heads. It would not only risk the very future of Silverstone and the BRDC, but also the British motorsport community that depends on us. “However, I want to be clear that although we have now activated the break clause, we are fully supportive of the changes the Liberty team are making to improve the F1 experience.

Derek Warwick optimistic of keeping British GP beyond 2019 as he confirms talks with Government, plus Ecclestone and Liberty Media. “I think we will have a grand prix past 2019 .” Could another circuit stage British GP ?

The British Racing Drivers' Club claims to have had "no option" but to opt out of its Silverstone Formula 1 contract, but the circuit's owners are hopeful that a deal can be reached with Liberty Media to keep staging the British GP after 2019 .

Speaking with BBC this morning, Bratches stated: “We have an extraordinarily positive relationship with our friends and partners at Silverstone and we have three more Grand Prix’s with them this year, in 2018 and 2019.

“A lot can transpire, but I can tell all the fans in Great Britain that we are committed to a British Grand Prix.”

When asked directly if a new deal would be struck with Silverstone, Bratches declined to comment. “It’s premature to even speculate that.”

Silverstone has a long history in F1, dating back to 1950 and the first race in the series. However, with escalating race fees and a lack of government funding for the event, the race is no longer viable for the venue in its current fiscal form.

Bratches’ comment supports the assertion that Liberty could be forced to find a new venue for the race in order to keep the British event on the calendar.

With a race on the streets of London having been the source of speculation since 2012 and with Donnington Park having had previous and recent connections with the sport, Liberty could find themselves with some interesting options.

London 2017 co-chairman backs return for World Para Athletics Championships .
London 2017 co-chairman Ed Warner will push for quick talks over whether the city can hold the next World Para Athletics Championships. It follows calls from athletes for the Championships to return to London in 2019 with the International Paralympic Committee yet to sign an agreement with a venue.Canadian wheelchair racer Brent Lakatos, husband of British world champion long-jumper Stef Reid, and British Paralympic champions Hannah Cockroft and Kadeena Cox are all supporting the drive.

Source: http://uk.pressfrom.com/news/sport/-184059-liberty-committed-to-a-british-gp-beyond-2019/

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