Hecktix
07-12-2009, 12:05 PM
Silverstone signs 17-year deal for British Grand Prix
http://newsimg.bbc.co.uk/media/images/46870000/jpg/_46870994_silverstone466.jpg Silverstone will continue to host the British Grand Prix from 2010 onwards
Silverstone has agreed a 17-year deal to host the British Grand Prix from 2010, ensuring the prestigious race is not axed from the Formula 1 calendar.
The Northamptonshire circuit stepped in to stage the event, which next year takes place on 11 July, after Donington Park was stripped of the rights.
And the news ensures the oldest race on the F1 calendar retains its place.
Under the new agreement, Silverstone, which hosted this year's British Grand Prix in July, will be redeveloped.
The modernisation of the facilities at Silverstone, which first staged the British Grand Prix in 1948, will focus on rebuilding the pit lanes and paddock - with work due to start as soon as possible after Christmas.
"This announcement is tremendous news," said 1996 F1 world champion Damon Hill who is president of the British Racing Drivers Club president (BRDC), which owns Silverstone.
"It's not easy to enter into an agreement of this magnitude. It's a big commitment.
"But the BRDC felt we wanted this relationship to continue, and we were prepared to back the negotiating team, with the level of risk satisfactory for the deal to go ahead."
F1 chief Bernie Ecclestone said: "This will ensure the British Grand Prix is included on the Formula 1 calendar for many years to come, which is something I've always wanted to happen."
Talks had been ongoing between Formula 1 management and Silverstone since Donington Park failed to show it had the necessary £135m funding.
The main delay in establishing a deal appears to have been the length of the contract and the inclusion of a 7% annual escalation fee.
Silverstone admitted it needed to improve its ageing facilities, but insisted it needed the security of a longer-term contract to justify and help raise the finances needed to upgrade.
The contract on the table was believed to demand a £12m fee for 2010, with an increase of 7% per year after that, however it is now understood that the increase has been pegged at 5%.
There is also a clause in the contract that allows either side to end the contract after 10 years.
BBC F1 commentator Martin Brundle: "It's brilliant news. I always assumed it would happen in the end because everyone wanted the same thing. The new circuits are exciting and interesting but they always had to balance up with the historic circuits, like Silverstone."
Silverstone managing director Richard Phillips said: "We've always had five-year deals and never been able to get the investment we needed to redevelop.
"But 17 years gives us the ability to invest and move forward.
"We've always had the belief the British Grand Prix was an important cornerstone of Formula One but, with Bernie, you're never quite sure, at the end of the day, though, you have to have a British Grand Prix
http://news.bbc.co.uk/sport1/hi/motorsport/formula_one/8397777.stm
At least we have one, despite Ecclestone showing little interest in it going ahead the cynical ****.
Not looking good for Donington though, it has only 5 events confirmed for next year when it's currently in administration... odea..
http://newsimg.bbc.co.uk/media/images/46870000/jpg/_46870994_silverstone466.jpg Silverstone will continue to host the British Grand Prix from 2010 onwards
Silverstone has agreed a 17-year deal to host the British Grand Prix from 2010, ensuring the prestigious race is not axed from the Formula 1 calendar.
The Northamptonshire circuit stepped in to stage the event, which next year takes place on 11 July, after Donington Park was stripped of the rights.
And the news ensures the oldest race on the F1 calendar retains its place.
Under the new agreement, Silverstone, which hosted this year's British Grand Prix in July, will be redeveloped.
The modernisation of the facilities at Silverstone, which first staged the British Grand Prix in 1948, will focus on rebuilding the pit lanes and paddock - with work due to start as soon as possible after Christmas.
"This announcement is tremendous news," said 1996 F1 world champion Damon Hill who is president of the British Racing Drivers Club president (BRDC), which owns Silverstone.
"It's not easy to enter into an agreement of this magnitude. It's a big commitment.
"But the BRDC felt we wanted this relationship to continue, and we were prepared to back the negotiating team, with the level of risk satisfactory for the deal to go ahead."
F1 chief Bernie Ecclestone said: "This will ensure the British Grand Prix is included on the Formula 1 calendar for many years to come, which is something I've always wanted to happen."
Talks had been ongoing between Formula 1 management and Silverstone since Donington Park failed to show it had the necessary £135m funding.
The main delay in establishing a deal appears to have been the length of the contract and the inclusion of a 7% annual escalation fee.
Silverstone admitted it needed to improve its ageing facilities, but insisted it needed the security of a longer-term contract to justify and help raise the finances needed to upgrade.
The contract on the table was believed to demand a £12m fee for 2010, with an increase of 7% per year after that, however it is now understood that the increase has been pegged at 5%.
There is also a clause in the contract that allows either side to end the contract after 10 years.
BBC F1 commentator Martin Brundle: "It's brilliant news. I always assumed it would happen in the end because everyone wanted the same thing. The new circuits are exciting and interesting but they always had to balance up with the historic circuits, like Silverstone."
Silverstone managing director Richard Phillips said: "We've always had five-year deals and never been able to get the investment we needed to redevelop.
"But 17 years gives us the ability to invest and move forward.
"We've always had the belief the British Grand Prix was an important cornerstone of Formula One but, with Bernie, you're never quite sure, at the end of the day, though, you have to have a British Grand Prix
http://news.bbc.co.uk/sport1/hi/motorsport/formula_one/8397777.stm
At least we have one, despite Ecclestone showing little interest in it going ahead the cynical ****.
Not looking good for Donington though, it has only 5 events confirmed for next year when it's currently in administration... odea..