27/08/2009
NEWS STORY
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After a vote earlier this week by Silverstone's owners the BRDC, the circuit is one step closer to securing the funding needed to keep it up to Bernie Ecclestone's liking in order to retain the British Grand Prix.
The BRDC directors now have the power to sell a lease on Silverstone, much as it did years ago when it was run by Octagon Motorsport, and the club is now believed to be negotiating with a Middle Eastern wealth fund. However along with a change in control there could also be a change to Silverstone's historic name.
According to a report in the Evening Standard by Pitpass' business editor Chris Sylt, BRDC chairman Robert Brooks wrote to club members last week saying that "it is the intention of the board to protect the circuit name in any agreements but should there be the opportunity to suffix or even prefix the circuit name, which is allowable under any circuit operator's contracts, then further financial reward to the BRDC could be something to consider."
Selling race track naming rights to sponsors is common in the United States, with companies like Infineon and Loews being well known for branding circuits. However, there is no major circuit in the UK which has done such a deal. It could be worth as much as $10m annually so it could be a crucial source of revenue for the BRDC in its bid to ensure that the British GP remains at Silverstone
Ironically, Ecclestone is likely to demand that reference to any naming rights sponsor is dropped during the GP period in order to prevent it from getting direct exposure through F1 without payment. So whilst the circuit's name may change, if F1 continues to race there, the Silverstone brand will live on.