Sections of the media appear to have gone overboard, claiming that the events of the last 48 hours mean that the future of the British Grand Prix is safe and secure. It isn't.

It's claimed that Bernie has bought the rights to host the British Grand Prix, which will continue at Silverstone. He hasn't.

Interpublic bought the rights to host the British Grand Prix until 2015. They then found themselves with a race but nowhere to run it - they owned Brands Hatch and a number of other circuits, since sold to former F1 racer Jonathan Palmer - but these tracks weren't suitable for an F1 race. Therefore a separate deal was done between Interpublic/Octagon whereby Silverstone was leased by the BRDC to Interpublic so that it could run the British Grand Prix there.

The events of 9/11, combined with the decline in popularity of Formula One, hit Interpublic badly, they realised that motorsport was not the 'golden goose' they thought it to be. They gradually began to cut the ties, beginning with the sell off of Brands Hatch and the three other circuits under their control and culminating with the return of the rights to host the British Grand Prix, in addition to $93m in compensation.

Bernie Ecclestone hasn't bought anything. He has been given the rights back together with a tidy sum of money.

Now he has the rights to host the British GP he can do with them what he pleases, and that includes selling them to another party or even the British Racing Drivers' Club (BRDC), owners of Silverstone, though they don't have the sort of money needed.

In the statement issued on Tuesday, the BRDC makes it clear that it hopes that Ecclestone will retain the British GP rights and will choose to continue hosting the race at Silverstone. Contrary to some reports this is not a foregone conclusion. Ecclestone is free to do what he pleases with the rights, and also to choose an alternative venue. It is Interpublic that had the contract with Silverstone.

The assumption that Mr Ecclestone has overnight enjoyed a 'Scrooge-like' transformation and is now the British Grand Prix' benefactor is wholly wrong. He will do with the rights what he sees fit, and we all know that there is long standing animosity between the F1 supremo and the BRDC.

Some sections of the media claim that Bernie now has what he always wanted, control of the British Grand Prix. This is not correct it is Silverstone that is of interest to the F1 supremo who already has a hand in a number of other circuits that host rounds of the World Championship.

As for Ecclestone financing improvements to the track which would bring it into the 21st Century, why would he when it is the BRDC - owners of Silverstone - that would reap the rewards.

Again, Bernie hasn't bought anything. However he does have an impressive bargaining tool. (Stop tittering at the back!)