Silverstone execs revealed the "eye-watering" losses of £7.6M over the last two years that "lie behind their decision to withdraw from hosting the British Grand Prix" after '19, according to Jonathan McEvoy of the London DAILY MAIL. The circuit will announce "in the next 48 hours" it is "activating a break clause which will leave the future of the Grand Prix in doubt." A source close to the British Racing Drivers' Club said, "In 2015, we sustained losses of £2.8M and in 2016 losses of £4.8M, and we are projected to lose a similar amount this year. It is not sustainable." The figures contradict claims made this week by Formula One Management -- the Liberty Media-run body to which the fees are paid -- that Silverstone’s annual losses "were no more than" between £2M ($2.6M) and £3M ($3.9M) (DAILY MAIL, 7/8). The BBC's Andrew Benson reported F1's owners have not come up with a "sensible" offer to try to secure the future of the British Grand Prix, a source close to Silverstone said. The source added, "The BRDC is ready to sit down with [F1] to work out a solution that ensures a long-term, financially viable future for the British Grand Prix. However, for negotiations to go anywhere, there must be sensible offers made by both sides, based on a better understanding of the numbers" (BBC, 7/8).
'BUY SILVERSTONE': The London TELEGRAPH reported McLaren Exec Dir Zak Brown believes Liberty Media "should buy Silverstone to prevent the circuit losing the British Grand Prix." Liberty said that it is "unable to renegotiate existing contracts" and therefore is unable to offer the British Racing Drivers' Club a "more attractive deal." Brown said, "My view is Liberty should buy Silverstone. I think they should buy it and much like the NFL ... they own their Super Bowl. I have voiced my views on that (to Liberty). They listen and they will be quick to tell you if they disagree and they didn't disagree with the logic. But I wouldn't want to put words in their mouths that that means they are going out and buying it now because I have no idea. ... They've got a lot of stuff going on so it's easy for me to say just go and buy it." Brown added, "I think Silverstone's a great track. I sympathize if with the escalator they can't make money. We need to figure out a way for them to make money so either create new revenue streams or re-cut the deal." He went on to suggest purchasing Silverstone "could lead to more tracks being bought by Liberty" (TELEGRAPH, 7/8).
