Formula One is set to undergo major changes for the 2017 season with rules and regulations altercations, as well as modifications in the calendar in terms of race events.
The upcoming year will see the number of races truncated from 21 in 2016 to 20, with the German Grand Prix already excluded.
Meanwhile, the British GP that takes place at Silverstone has hit a stumbling block as they feel the high cost of staging the event could incur damages in the long term.
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John Grant, chairman of the circuit’s owners, the British Racing Drivers’ Club, notified members that hosting the Grand Prix could be ‘potentially ruinous’ to their finances, thereby raising a possibility of activating a break clause to stop staging the race after 2019.
F1 supremo Bernie Ecclestone has since voiced his opinion on the issue, claiming he is still unsure why it is not feasible for Britain to organise the contest with plenty of time on their hands.
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Daily Mail have quoted the 86-year-old saying: “I don’t see why they can’t make it work.
"They get bigger crowds than anywhere else in Europe, and nobody else is complaining.”
The scheduled date for the event is slated from July 14 - July 16, and it is the venue which attracts the most audience among all the circuits across the season.
Under the terms that was agreed in 2009, Silverstone pay Ecclestone a fee that rises by five percent every year, starting from £12m in 2010 to £26m in 2027, while Italian GP organisers part with £19m each season in a deal agreed by both parties concerned for the race in Monza.
It is believed the authorities tried to get the government involved in order to help them with funds for the forthcoming seasons but to no avail. The ministry rejected the proposal.
Ecclestone further added: “This is a much-loved national event, but it has always been very difficult to get additional funding from government.
“Maybe now is the time to look at the British Grand Prix in the context of what is happening elsewhere and realise it is an extremely good shop window for waving our banner and pointing to our brilliance in this field.”
Their association with F1 dates back from 1950 and it is deemed as one of the most prestigious races in the calendar.
If, ultimately, the race is scrapped from the UK-based circuit, it would indeed be a huge loss for top-flight racing.