After months of speculation, Silverstone Circuits announced this morning that it had reached an agreement with Bernie Ecclestone to host the British Formula One Grand Prix from 2010 onwards.
So they'll all be back for 2010 and beyond
The race was scheduled to take place at Donington Park in Leicestershire, but after the owners failed to secure the necessary funding for the redevelopment work required it looked as if Britain might be without a Formula One Grand Prix for the first time since 1950. Today’s news means that Silverstone will be hosting both Formula One and MotoGP next year, the latter being another event which it has taken away from Donington.
Ever since it became clear that Donington would not be able to stage next year’s race, Ecclestone has been in negotiations with the British Racing Drivers’ Club (BRDC) which owns Silverstone. The Formula One commercial rights holder initially wanted £12 million a year for the right to stage the event, with a seven percent compound interest annual increase. It was the latter which has been the sticking point. Ecclestone is reported to have reduced the annual increase to five per cent which has meant a deal could be struck. The contract is for 17 years, with a break clause after ten years.
Alas, Donington is no more...perhaps forever
The news means that British fans will be able to see world champion Jenson Button defend his title alongside the 2008 champion, Lewis Hamilton, at the McLaren-Mercedes team.
The Formula One calendar is to be announced on Wednesday by the FIA, the sport’s governing body, but it is expected the British round will take place on 11 July, the same date as the football World Cup final.
Speaking at a press conference in London this morning, Damon Hill, president of the BRDC and the 1996 F1 world champion said: “The title of Silverstone as home of motorsport has come true. It is a place for all motorsport. Everyone in the BRDC loves motorsport and we are looking forward to the MotoGP as well as the British Grand Prix.
Bikes and cars for Silverstone next year
“It is not easy to enter into a contract of this magnitude and you have to take on a lot of responsibility, but the BRDC wanted this relationship to continue.
“Everyone was well aware that the British GP is not just a sporting event, but it is dynamo of the industry in this country. Losing it would have been damaging and perhaps there would have been no coming back.”
Work on a new pit and paddock complex at the circuit will begin after Christmas and is expected to be completed in time for the 2011 event.
This is what they have to aim for
