After much hullaballoo, it seems almost certain that Silverstone will stay on the Formula One calendar from the next year onwards. The sports’ owners, Liberty Media have reportedly almost agreed a deal with the British Racing Driver’s Club(BRDC) which will be signed soon, thus ensuring the home of the British Grand Prix does not change anytime soon.
Why were there talks of replacing Silverstone?
Despite being the oldest Grand Prix in history, the British Grand Prix fails to break even in terms of costs. The Northamptonshire circuit has been a permanent fixture on the racing calendar since 1987, but with race fees projected to climb to 26 million pounds by 2027, it had activated its break clause last year amidst fears that it was too expensive a proposition to be sustainable any longer.
Following the break-clause activation, the BRDC and Liberty Media were at loggerheads with each other over a new deal for the next decade for months. But now, according to a report on The Daily Mail, an agreement has almost been reached between the two parties.
Speaking to the press on 7th July, a week before the race kicks off at Silverstone, Motor Sports Association chairman David Richards said,” I’m very positive there will be a successful conclusion before the Grand Prix. The fundamentals, the financial side, have been agreed. It is just the final details that need to be signed off, and I am confident they will be.”
British Grand Prix
Will there be a London Grand Prix soon?
According to reports, a key factor in these negotiations was setting up a Grand Prix in and around London alongside the Silverstone circuit. Finding a central location that would suit such a race in London has been quite a challenge for Liberty Media so far, with their CEO Chase Corey reportedly in talks with government officials regarding the feasibility of such an option.
Red Bull team principle Christian Horner said,” It’s difficult to see it( London Grand Prix) happening on an annual basis, although it would be fantastic as a one-off. The hospitality from such a race would be astronomical, and the promoters might be less inclined to demand a massive fee up front. Still, you would need to see Nelson’s Column, Buckingham Palace for it to work. A London Grand Prix only works if it’s proper London. If it’s Dagenham, say, it doesn’t quite count.”
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Author’s take
While it has been obvious that Liberty Media has been looking to expand and monetize the sport in a much bigger format since they took over from Bernie Ecclestone in 2017, I believe losing Silverstone would have been a huge loss in terms of appeal. Over 140,000 fans attend the fiesta, and it is arguably the most famous of all F1 tracks. In the words of the defending champion Lewis Hamilton, who had pledged to fight and keep Silverstone on the calendar at all costs,” Not while I'm here, I'll fight for it. This has the biggest crowd of the whole year, the biggest attendance of the season, and there's no way I would allow that to happen. We have to fight for it."
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