F1 owners nearing deal to keep British GP at Silverstone racing circuit


Devdiscourse News Desk | Updated: 08-04-2019 10:06 IST | Created: 08-04-2019 09:24 IST
F1 owners nearing deal to keep British GP at Silverstone racing circuit
Image Credit: Pixabay

Formula One owners Liberty Media Corp 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. U.S.-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 https://on.ft.com/2KhSroH.

Silverstone hosted the first championship grand prix in 1950 but the circuit's owners triggered a break clause in 2017 https://reut.rs/2KeDHH7 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 pounds ($23.51 million) a year, while the BRDC has offered 15 million pounds 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.

($1 = 0.7655 pounds) 

(With inputs from agencies.)

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