16/05/2006
NEWS STORY
No doubt Bernie Ecclestone will be delighted to hear that the financial situation at the British Racing Drivers' Club (BRDC) is not quite as bleak as some would have us believe.
Christian Sylt and Caroline Reid report that the BRDC made a £15m profit in 2005, following a £471,000 loss in 2004.
The main reason for this amazing turnaround in fortune is due to the £22m paid to the BRDC by Interpublic, which ended its contract to promote the British Grand Prix at Silverstone in December 2004.
The windfall from Interpublic has allowed the BRDC to pay off a total of £3.1m in bank loans, leaving it with around £22.6m in cash.
Memo to Bernie: It's hidden in the library behind the two volumes of The Beaulieu Encyclopaedia of the Automobile.