Silverstone Circuit managing director Stuart Pringle has said that they will not pay “any price” to retain the British Grand Prix.
Negotiations over its future in Formula 1 continue. Back in 2017 Silverstone triggered a break clause in their contract after it was revealed that they had been losing money on the Grand Prix each year as of recent times.
Pringle said when speaking at the BRDC Awards “We got ourselves into a pickle because we had a business that was solely financed by the Grand Prix.”
The safety of the British Grand Prix at Silverstone is achievable if a more sustainable deal can be disclosed. They are now in a better negotiating position after adding plans to help their income.
“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, Liberty Media CEO, was also in attendance of the event and stated that the sport must stay in touch with its European Foundations, as well as introducing new venues, such as Vietnam.
“We’ve been very clear: you always build a sport on its foundation. And the foundation of this sport is here in Europe.”
“The fans that have been followers for the longest period of time are here in Europe, and you have to build a sport on top of its foundations.”
“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.”