Silverstone chiefs expected to call time on British Grand Prix contract on Tuesday

SILVERSTONE chiefs are expected to announce on Tuesday that they intend to terminate their contract to host the British Grand Prix.

The British Racing Drivers’ Club (BRDC), who own the track, are likely to exercise a clause in their existing contract that was due to run until 2027.

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The BRDC signed a 17-year deal with former F1 supremo Bernie Ecclestone in 2009 that saw them pay a £12million fee to host the race.

However, the contract meant that each year the fee would increase by five per cent, meaning this year it will cost them £16.9m.

And by the time the deal was expected to finish, the payment would have ballooned to a whopping £27.5m.

The escalating costs mean the BRDC have no other option but to tell F1’s owners, Liberty Media, they can no longer afford to stage the race beyond 2019.

It is then expected that the BRDC will approach Liberty about agreeing new terms that are more favourable.

While the figure of almost £17m to host this year’s race is high, it is still someway short of the fees that Bahrain (£31m), Russia (£38.7) and Azerbaijan (£58m) reputedly pay to F1.

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However, the difference being that Silverstone is a private-funded race rather than a government-funded event.

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