Silverstone’s owners have confirmed they have triggered the break clause in their contract to host the British GP. But what does that mean?
According to The British Racing Drivers’ Club, the break ‘means that unless a new contractual arrangement can be reached with Liberty, 2019 will be the last year that the British Grand Prix takes place at Silverstone – the only viable venue for a British GP.’
But while the BRDC will opt out of their current contract in 2019, that does not necessarily mean the iconic circuit will be gone from the F1 calendar forever.
Confused? Sky F1 has the answers…
Why have Silverstone broken their contract?
There is only one reason Silverstone have terminated their F1 contract early: costs. Put purely and simply, the terms of the 17-year contract they signed eight years ago have increasingly become too onerous for the BRDC, the circuit’s owners, to afford.
A five per cent fee escalator built into the deal means that what was a cost of £12m in 2010, has become £17m for 2017, and was set to exceed £27m by 2026…