Silverstone owners ink new F1 contract to 2024
Formula 1's British Grand Prix will stay at Silverstone until at least 2024, after a new five-year hosting contract was announced today.
The future of the race in Northamptonshire had been in doubt since 2017, when a break clause was activated to terminate the contract after this year's Grand Prix, which takes place on Sunday.
The British Racing Drivers’ Club, the circuit owner, had argued that the previous contract negotiated with former F1 promoter Bernie Ecclestone was no longer financially viable due to escalating fees.
Chase Carey, chairman of Formula 1, said in a statement today: “We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport. Formula One is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots.
“Silverstone and the British Grand Prix are an integral part of that vision.”
No financial details have been revealed.
The BRDC pays £17 million ($21.3 million) per year to host the British Grand Prix. In 2018, the event only broke even, and that despite a record crowd of 140,500 on race day.
John Grant, the BRDC chairman, said: “Silverstone is one of the most iconic Grands Prix on the F1 calendar and with such a rich heritage it would have been disastrous for the sport and fans had we not managed to find a way forward. 2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13th May 1950 and will make next year’s event all the more special.”
The UK and Italy are the only two countries to have always featured on the F1 calendar since the inaugural championship, and while Italian circuit Monza's contract is up at the end of this year, a new agreement has been reached in principle. Incumbent Grand Prix hosts Spain, Germany and Mexico are all without contracts for 2020, with new races in Hanoi in Vietnam and at Zandvoort in the Netherlands having already been confirmed.