Silverstone bosses declare they won't pay "any price" to keep British GP

Stuart Pringle, Silverstone's managing director, sent a warning to F1 bosses last night at the BRDC meeting. He said the venue won't host the British Grand Prix at any cost as the circuit continues to diversify revenue stream. Formula 1 boss Chase Carey was present at the event.

This time last year, the bosses triggered a break clause in the contract which means the 2019 event is likely to be the last if a better, a more sustainable contract is not signed by Liberty Media.

"We got ourselves into a pickle because we had a business that was solely financed by the Grand Prix," Pringle said at the BRDC Awards.

"So we had to diversify, and we’re doing that. We’re going to build a hotel, we’ve got Silverstone Experience opening, and we have some additional short-stay luxury accommodation. Aston Martin are now tenants on-site.

"Things are very much heading in the right direction, and it gives us the confidence to say Lord knows we want to keep the Grand Prix, but not at any price. We’re going to have a broader, more diverse business that can survive without it. But we’d much rather have one with it."

Chase Carey was given a moment to respond to this statement. He's well aware that the core fan base for Formula 1 is in Europe and he wants to protect this.

"We are committed to making sure the sport is strong here. We think we can engage fans, new fans around the world. The reality is most of our events are reasonably long-term, so there is a lot of stability to what we do," Carey said.

"But we do think you want to bring some freshness to it. We think it’s important to go to some places that can capture people’s imagination that are new.

"That being said, we want to be sure we continue to cherish what has made this sport so precious for so long."