The British Grand Prix’s hosting at Silverstone has been put in severe doubt due to F1’s rising costs.
The Northamptonshire racetrack has a contract with F1 which expires in 2019 but Silverstone’s executive director Stuart Pringle has said he’s unsure as to whether the circuit can continue hosting the event after their contract expires.
“I sincerely hope it won’t be the end of grand prix racing at Silverstone but we’ve made it clear to Formula One management we can’t live with the present contract beyond 2019," said Pringle, per the Daily Mail.
With the cost of hosting a grand prix rising by 5% every year, it looks increasingly unlikely that Silverstone, who have been attracting record numbers in recent years, will be able to cover the costs of the rising fees.
In 2010 the cost was £12million, this year it stands at £17million and by 2026 it will rise to £26million.
“We are pretty much a full house and we are charging pretty much a full price and we still can’t make the sums add up," Pringle added.
New owners Liberty Media are hoping to put plans in place to attract more fans to the sport, but Pringle fears that this will not solve the issue.
“Liberty have got some great ideas and we support their plans for a better show and fan experience," he continued. "But they will likely take years to produce a significant benefit to the circuits and we haven't got the luxury of time.
“We need to deal in certainties and not possibilities.”
Hill: Funding has always been difficult
Former F1 World Champion Damon Hill suggested earlier on the year that extra government funding would be a potential solution and stressed that the country should do all it can to prevent losing one of its best ‘shop windows’.
Back in January, he said: “This is a much loved national event but, for whatever reason, it has always been very difficult to get additional funding from the government.
“Maybe now is the time to look at the British Grand Prix in the context of what is happening elsewhere and realise that it is an extremely good shop window for waving our banner and pointing to our brilliance in this field.
“When you think of post-Brexit Britain, you must wonder if this is exactly the type of thing we need to invest in to show off what we can do.”
Will the British Grand Prix be scrapped? Let us know in the comments section below!
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