F1 owners near deal for British GP to be kept at Silverstone

Silverstone hosted the 1st Formula One GP in 1950 but the circuit’s owners triggered a break clause in 2017 in their contract, that threw the future of the country’s Formula One race into doubt. (Reuters pic)

LONDON: Formula One owners Liberty Media are nearing an agreement to keep the British Grand Prix at the Silverstone racing circuit, the Financial Times reported on Monday, citing sources familiar with the matter.

US-based Liberty Media is in the final stages of agreeing a new deal with British Racing Drivers’ Club (BRDC), which owns the Silverstone track, the FT said.

Silverstone hosted the first championship grand prix in 1950 but the circuit’s owners triggered a break clause in 2017 in their contract, that threw the future of the country’s Formula One race into doubt.

Currently, a compromise is being discussed with Liberty Media, demanding £18 million (US$23.51 million) a year, while the BRDC has offered £15 million a year, according to the report.

Formula One managing director Ross Brawn said last month that the sport could look to London if Silverstone fails to secure a deal for the British Grand Prix after this year.

Liberty Media and BRDC did not immediately respond to a Reuters request for comment outside regular working hours.