The future of the British Grand Prix remains in serious doubt despite talks continuing to sign a new deal to keep Formula 1 at Silverstone beyond this year’s race on 14 July. Last year, the circuit chose to trigger a break clause in its 17-year contract signed back in 2009, citing the financial terms of running the race as “unsustainable”. It means the 2019 grand prix will be its last unless a new agreement can be negotiated. Despite widespread speculation that a new agreement is close, Silverstone’s managing director Stuart Pringle said there are no guarantees because the wrong deal would mean “paralysis” for the business. “I’m surprised and disappointed this isn’t sorted already,” he told Autocar. “I don’t want 130,000 people to turn up for the 2019 British GP and not know whether there will be another one.” The circuit has just been resurfaced for a second consecutive year following its disastrous MotoGP round last September, when heavy rain forced the race to be cancelled because of drainage problems that made the track un-rideable.  But despite that blow, a new deal to keep motorcycle racing’s premier series at Silverstone until 2021 has been agreed as part of a range of projects designed to make the track less reliant on income from F1. “We can survive without F1, we absolutely could,” said Pringle. “To use a well-worn phrase, genuinely no deal is better than a bad deal because we know the consequences of a bad deal. It is paralysis to our business.” Cautious optimism remains for new deal But Pringle added that he remains hopeful a new deal can be reached, despite F1 openly admitting that it also wishes to pursue a London Grand Prix in parallel to a race at Silverstone. “I have always believed that we will retain it and even though we are in this extraordinary position I still believe the fundamental values that Silverstone adds to F1 will count,” said Pringle. The sticking point remains the multi-million-pound fee Silverstone must pay to host the grand prix, which increases each year because of an escalator clause, even though Pringle admits the amount – currently believed to be in the region of £20 million – is less than other circuits around the world must pay. “I fully accept that we don’t pay as much as ‘Timbuctoo’ or the latest place F1 has signed up,” he said in reference to the pursuit of new additions to the calendar, such as Vietnam which is confirmed for 2020. “But Timbuctoo doesn’t have a fanbase that year on year, come rain or shine, come British champion or not, turn up and pay their money.” Fanbase is Britain’s strength “Silverstone is in effect a tax collector for F1,” he added. “The fans pay their ticket, they money washes through our company and we hand it across to F1. If everything adds up, we break even or make a small black number. If it doesn’t it’s a red number, we cover the difference and call it ‘brand value’ or something.” He also rejected the old argument that the UK government should come to the financial aid of the circuit. “Suggestions that government support should be there in Britain is nonsense because we’ve seen it with Turkey, India, Malaysia and they are no longer on the calendar,” he said. “There’s a reason why we’ve had a grand prix every year in this country since 1950 and that is the fee is paid by the enormous fanbase – and that is a strength, not a weakness. “Silverstone is owned by the British Racing Drivers’ Club, and there are 800 racing drivers and those who made their success possible, and they passionately want to keep their sport at the circuit. So my brief is to retain it, but don’t break the company while doing so. “I will be very disappointed if we are not able to announce something before or at this year’s event, but if we can’t it is because there is a monumental difference between us.” F1 still worth it Pringle said he still believes investment in F1 is worth it, despite the hurdles that must be negotiated to complete a deal. “I still believe in the inherent value of F1,” he said. “The red team (Ferrari) isn’t going anywhere and as long as they stay that’s fine. Lewis Hamilton will sign another two or three-year contract after this one comes to an end, and we’ve got Lando Norris, George Russell and half of (London-born Thai) Alex Albon coming up, all of whom the British fans can get behind.  “What we want to do with the venue, our mission statement, is to become a nationally recognised family focused leisure destination with motorsport at its heart. We have to be broader, but we need our motorsport profile and F1 is probably the best marketing money we could spend.” Silverstone Hotel and Experience coming soon Other revenue streams look set to “transform” the Silverstone business in the next year. A hotel is currently under construction on the start/finish straight opposite the Wing pit complex, while a heritage centre based in the giant ex-aircraft hanger next to the main entrance should open before the end of
Origin: Silverstone boss uncertain circuit will host 2020 British GP