Post by Lee on Jul 10, 2019 11:38:35 GMT
Formula 1 is expected to announce a new British Grand Prix contract at a news conference on Wednesday. F1 boss Chase Carey is attending the event with Silverstone managing director Stuart Pringle and John Grant, the chairman of circuit owner the British Racing Drivers' Club. The race's future has been in doubt after Silverstone exercised a break clause in its contract because it was too expensive. But a new multi-year deal to keep the race at Silverstone is believed to have been agreed in the past week.
It is understood that Silverstone had been on the brink of signing a new contract only for concerns to emerge in June when F1 informed the track of plans to hold a race in London in the next few years. This meant that Silverstone were worried that a second race in Britain could make the British Grand Prix financially unsustainable as a result of a dip in attendance. However it now seems that the track and F1 appear to have found a way out of the impasse.
It is understood that Silverstone had been on the brink of signing a new contract only for concerns to emerge in June when F1 informed the track of plans to hold a race in London in the next few years. This meant that Silverstone were worried that a second race in Britain could make the British Grand Prix financially unsustainable as a result of a dip in attendance. However it now seems that the track and F1 appear to have found a way out of the impasse.
