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Ecclestone confirms threat to 2016 British GP

NEWS STORY
29/09/2015

Bernie Ecclestone has confirmed that Silverstone could be missing from the 2016 calendar.

It was revealed yesterday that the future of the British Grand Prix is under threat as the Northamptonshire circuit struggles to meet the financial terms of its contract.

Due to a number of disastrous business moves, the cost of upgrading the circuit and a clause which hikes the hosting fee by 5% each year, currently the circuit is paying said hosting fee a year in arrears.

Formula One Management is happy to allow this to continue as long as the circuit is able to provide a letter of credit from its bankers guaranteeing that the money will be there for the following year.

Unfortunately such is the financial situation, the bankers are no longer willing to issue the letter of credit, and, already a year in arrears Ecclestone is not going to allow the debt to increase.

"Can I guarantee the future? No I can't," Silverstone's managing director Patrick Allen told the Daily Telegraph on Monday. "Could I hand on heart say to Mr Ecclestone, 'don't worry, your money is absolutely safe for the next ten years?' No I couldn't... to pull the contract would be a sad thing for Silverstone, it would be a sad thing for motor racing and it would be a very sad thing for Britain."

"They are paying next year for this year's race because I have allowed them to do this," said Ecclestone, "otherwise they would have closed before."

Today, Ecclestone reiterated the threat to the race.

"We have got a clause in our contract where we can stop it in 2016 and I don't know if the race is going to continue next year." he told Forbes.

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READERS COMMENTS

 

1. Posted by Jigsaw, 30/09/2015 15:16

"Sad thing is it's the people that buy the tickets and support F1 by buying products that suffer having to pay enormous prices for attending the race. People just can't afford it anymore. If you want more people interested in the sport, make it reasonable. Seems like Bernie and CVC forget where the money actually comes from!!"

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2. Posted by Jigsaw, 30/09/2015 15:07

"Just another case of blackmail!!"

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3. Posted by nnails, 30/09/2015 13:35

"Perhaps Silverstone , Monza and spa should negotiate with bernie as joint.

All or no european historic race tracks. "

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4. Posted by Hobgoblin, 30/09/2015 9:50

"Silverstone IS Formula 1. Back Off Bernie!"

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5. Posted by Tweek, 30/09/2015 8:47

"Perhaps the track owners should get with the teams and go to the EU together. Bernie stop taking the history out of F1. You have enough money, and just in case no one has told you yet it won't be coming with you after you die...... You price gouging, money grubbing old codger. "

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6. Posted by stackvideo, 30/09/2015 4:17

"F*$in CVC"

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7. Posted by F One, 29/09/2015 23:18

"This is complete madness.

As I'm sure I've said before circuits shouldn't have to pay a single penny to anyone to host a race. F1 should pay them for the privilege of using their tarmac.
I'd like to see Bernie try and run the series without any circuits."

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8. Posted by Nobby, 29/09/2015 22:35

"Blah blah blah. Hasn't Silverstone been doomed every year? Either Mr E is doing a real bad job of trying to kill it off [& F1 in the UK] or he just forgets he's spouting the same stuff again.

Our group would definitely miss the yearly trip to Silverstone [we already paid for next year at the last race!], but I hope these are just ramblings that can be ignored from the fan's perspective.
"

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9. Posted by You Started It!!, 29/09/2015 21:57

"5% a year every year!! Is he trying to put them out of business???"

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10. Posted by edllorca, 29/09/2015 21:05

"Sure wish all the threatened races ( read, england, germany, belgium, italy ) would get one the same page and all refuse to pay at the same time. Time to shock the system because Bernie loves the dribs and drabs where he can isolate each complaint. If those four stood up united perhaps other promoters might jump on the bandwagon. That along with another bankrupt team or two and the whole shebang would achieve critical mass and force changes or implode."

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11. Posted by Ro, 29/09/2015 20:43

"You have to feel sorry for BE, he just cant afford it! Lets give the race to some country run by a despot...If Silverstone goes, F1 is dead and buried"

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