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Volume 6 No. 245

Finance

Company filings show Silverstone is slated to make a £46.9M profit.
Photo: GETTY IMAGES

The owners of Silverstone are on track to make a £46.9M ($65.2M) profit after "giving the red light" to the British Formula 1 Grand Prix seven years early, the latest company filings show, according to Christian Sylt for the London TELEGRAPH. The British GP, launched in '50, is F1’s "oldest race." For the past 31 years it has been held at Silverstone, which is owned by the British Racing Drivers Club. Last July, it "abruptly put the brakes on the race by triggering a break clause in its contract" and announced that the Northants venue would drop the race after '19 "because it is not financially viable." The British GP "has to rely on ticket sales alone to cover the running costs" as well as the £16.2M ($22.5M) hosting fee. This fueled combined net losses of £51.7M for the BRDC over the five years to December 31, 2016. It explains why the BRDC announced last year that "while we would hate to lose the British GP, Silverstone will have a bright future without it." After dropping the Grand Prix, Silverstone will be left with £27.5M ($38.2M) of revenue from events which are not connected to F1. Deducting the £20.8M ($28.9M) of costs that come with them yields a £6.7M ($9.3M) operating profit (TELEGRAPH, 3/11).

Australian Football League players put aside A$24.7M ($19.5M) for former players "who need money to fix old injuries," according to Neil Cordy of the Sydney DAILY TELEGRAPH. The Hardship Fund was launched on Monday and "stems from the recent collective bargaining agreement." It will provide up to A$8,000 ($6,300) per player to cover costs for joint and dental injuries. There will "also be money for players who have suffered career-ending injuries" and cannot find work. Former Sydney Swans fullback Ted Richards, who had "some challenges with concussion at the end of his career," said, "It’s very selfless of the current players to be respecting past players. To be putting aside a pool of the money for the players that have come before them, and in many cases made big sacrifices, is really generous" (DAILY TELEGRAPH, 3/12).