LONDON: Silverstone will not host the British Grand Prix after 2019 unless the circuit鈥檚 owners get a better financial deal from Formula One owners, they announced on Tuesday just days ahead of this year鈥檚 renewal.
The British Racing Drivers鈥� Club (BRDC) 鈥� who own Silverstone 鈥� announced they were triggering a break clause in its 17-year contract and the Grand Prix would not be raced on their prized possession post-2019 unless a revised agreement can be reached with Liberty Media, who were not the owners of Formula One when the original deal began in 2010.
鈥淭his decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract,鈥� BRDC chairman John Grant said.
鈥淲e sustained losses of 拢2.8m ($3.6m) in 2015 and 拢4.8m in 2016, and we expect to lose a similar amount this year.
鈥淲e have reached the tipping point where we can no longer let our passion for the sport rule our heads.
鈥淚t would not only risk the very future of Silverstone and the BRDC, but also the British motorsport community that depends on us.
鈥淗owever, I want to be clear that although we have now activated the break clause, we are fully supportive of the changes the Liberty team are making to improve the F1 experience.
鈥淥ur hope is that an agreement can still be reached, so that we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone for many years to come,鈥� added Grant whose club has been in talks with Liberty over the issue.
Liberty chairman Chase Carey had told the BBC prior to the expected announcement that it is his preferred option, indeed his priority, the race stays at Silverstone but did also warn BRDC that there were other possibilities.
鈥淭here is interest from other places, other UK options, that would have appeal,鈥� the American said.
Former world champion and four-time British Grand Prix winner Nigel Mansell, who tasted victory three times in the race at Silverstone, believes it would be 鈥渁 very sad day鈥� if the circuit no longer hosted grand prix racing.
鈥淪ilverstone has the history of F1,鈥� the Briton told BBC Sport. 鈥淭hey deserve to have the recognition for the historical value the circuit has, which has contributed to some incredible races.
鈥淗opefully the new F1 owners will review their thoughts and think there is a better value to that than to throw it away.鈥�
Nearly 140,000 spectators watched Britain鈥檚 triple world champion Lewis Hamilton claim his third consecutive win at Silverstone last year.
A near sell-out crowd is expected again this weekend as Hamilton bids to reduce rival Sebastian Vettel's 20-point lead in the title race.
The circuit, unlike many other tracks on the F1 calendar, receives no government backing.
However, the BRDC have been hit financially by the hosting fee which goes up by five percent every year 鈥� from 拢12 million in 2010, the year in which the new long-term deal started, to 拢17 million this season and 拢26 million in 2026.