The future of the British Grand Prix is once again in doubt, according to Silverstone’s executive director Stuart Pringle.
The venue has hosted the British Grand Prix every year since 1987, having shared the event with other circuits before that, and is no stranger to financial difficulties that threaten the future of Britain’s Grand Prix.
Unlike other events of its type, the British GP receives no financial support from the British government and now, Stuart Pringle has stated that he has little choice but to terminate the current contract.
“We’ve made it clear to the Formula One management that we can’t live with the present contract beyond 2019,” he told The Guardian newspaper.
“We are pretty much a full house and we are charging pretty much a full price. And we still can’t make the sums add up,” he added.
Under the current contract, Silverstone will pay up to £27million to host the British Grand Prix and Pringle believes it simply can’t be done. He insists, therefore, that the break clause in the current contract — which runs until 2026 — has to be activated.
There is light at the end of the tunnel, however, at least, potentially, as Liberty Media, the new owners of Formula One have previously stated a desire to protect the sport’s heritage events, a status under which the British Grand Prix undoubtedly qualifies.
“Liberty have got some great ideas and we support their plans for a better show and fan experience,” added Pringle.
“But they will likely take years to produce a significant benefit to the circuits – and we haven’t got the luxury of time.
“We need to deal in certainties, not possibilities. I sincerely hope it won’t be the end of Grand Prix racing at Silverstone.”