John Grant, Chairman of the Motor Sports Association (MSA), the governing body of UK motor sport, has said that his organization will continue to work urgently with all the parties involved to seek a financial solution to the future of the British Grand Prix at Silverstone.

"It is not just the British fans who want to see a Grand Prix at Silverstone," he said. "For the majority of the race teams, their sponsors and the vehicle manufacturers involved in F1, it is important to be able to promote their products in the major established markets such as Britain, as well as in the newer, emerging economies. It has also become clear over the last few years that the circuit at Silverstone provides one of the best racing spectacles of the F1 season for worldwide TV audiences with its fast, challenging corners and superb overtaking opportunities.

"It is widely acknowledged that the British Grand Prix makes a significant direct contribution to the UK economy each year and that it is an important flagship for the hugely successful British motor sports industry. We seem to have arrived in the situation where a funding shortfall of some £2-3 million a year is standing in the way of retaining an iconic event which is vital for our sport, which directly contributes some £40 million a year to the local economy and the Government's tax revenues, and which is needed to sustain the prestige of an industry that is responsible for international trade worth in excess of £3 billion pounds annually.

"With a bit of goodwill, we are hopeful that a constructive solution can be found to the benefit of British motor sport, the British economy and F1. There is still time to work this out, and the MSA will work urgently with all the relevant parties to help retain the British Grand Prix at Silverstone for the foreseeable future."