April 2004 IPG announces that they have agreed to pay FOA $93m to exit their promoters agreement for the British Grand Prix from 2005 - 2010, at an equivalent cost to IPG of $15m p.a.

May 2004 Bernie Ecclestone's FOM, HMG and the BRDC agree that the way forward is for a promoter to be found to promote the British Grand Prix for an interim period of two years (the circuit remaining as is) until the BRDC have secured funding and planning permission for redevelopment of the circuit leading to a long term agreement.

June 2004 The BRDC agrees with IPG to terminate their Silverstone lease to 2007 and the Masterplan Deed for a payment of £27m ($48.6m).

July 2004 The BRDC negotiates with Paddy McNally's Allsports for Allsports to be interim promoters. Allsports require a contribution from the BRDC of $5m p.a to cover their anticipated losses on the event. The BRDC and Allsports agree that the BRDC, in the absence of anyone else, is the most natural promoter. The BRDC starts negotiations with FOM for the promoter's rights and with EMDA to implement a development programme to release value from Silverstone land to fund circuit redevelopment.

July/August 2004 Negotiations with Bernie Ecclestone continued - In a letter to the Minister of Sport the BRDC points out that the British Grand Prix generates an estimated surplus of $12m from which FOA's demanded $15.9m has to be paid.

September 2004 The BRDC submits an offer to FOM to promote the Grand Prix for 2005, 2006 and 2007 at an annual fee of $10.8m rising each year by inflation.

Bernie Ecclestone responds by demanding $15.9m for 2005 and $17.3m for 2006 citing comparative costs with the German Grand Prix.

Bernie Ecclestone then demands a 7 year contract (with no breaks) at an annual fee of $13.5m rising by 10% p.a., or a 5 year deal from 2007 (no GP in 2005 and 2006) at the same rates as above. The BRDC stands behind original offer.

October 2004 Bernie Ecclestone offers:

1. 7 year deal at $13.5m escalating by 10 % p.a. (leading to a doubling of the fee over the term) plus obligations to build out pit and paddock at a cost to the BRDC of £17m before 2007 Grand Prix or

2. FOA to promote Grand Prix and have a full possession of circuit rent free for 7 years with the BRDC paying for pit and paddock as above, with no Grand Prix income

The BRDC reject the above and FOM then issue a draft contract for an initial period of 1 year and with a BRDC option for a further 6 years at a starting fee of $13.5m escalating at 10 % p.a.

The BRDC respond by asking for an initial period of 2 years with a further period of 5 years at the BRDC election. The offered starting fee of $13.5m and $14.8m second year fee paid up front into escrow, matches FOM's financial demands.

FOM withdraws from negotiations.