The Formula 1 Group is disappointed that the British Racing Drivers’ Club have exercised its right to break Silverstone’s contract to host the British Grand Prix just three days before this years event gets underway.
The BRDC insists the initial deal to host the British Grand Prix at Silverstone through to 2026 was not financially viable, and as such have decided to break its contract, with its last scheduled event now set to be held in 2019.
The Formula 1 Group had hoped the decision could have been delayed until after this weekend’s race, and were willing to extend the deadline for the decision to be made, but admit they are still willing to work with promoters to keep the British Grand Prix on the calendar and work on a better, more financially viable solution.
“The week leading up to the British Grand Prix should be a week of great celebration for F1 and Silverstone,” said the F1 Group statement.
“We deeply regret that Silverstone has chosen instead to use this week to posture and position themselves and invoke a break clause that will take effect in three years’ time.
“We offered to extend the current deadlines in order to focus on everything that is great about Silverstone and Formula 1.
“Regretfully the Silverstone management has chosen to look for a short-term advantage to benefit their position.
“Our focus is still to preserve the British Grand Prix. We will carry on negotiating with the promoter in good faith and in private to reach a fair and equitable solution.”