British Grand Prix saved in 310m deal
MOTORSPORT chief Damon Hill admits a deal to save the British Grand Prix was only finally struck after weeks of hard bargaining.
Silverstone officials confirmed yesterday that the oldest race on the Formula One calendar would remain at the circuit for another 17 years.
The announcement banished fears that a British date could be lost from the schedule altogether, following the collapse of a similar deal to hold the race at Donington.
But Hill, president of the British Racing Drivers Club, which owns Silverstone, said F1 supremo Bernie Ecclestone had proven a tough nut to crack.
“Bernie is very satisfied this is finally concluded and that Silverstone has fulfilled his requests – I won’t call them demands,” said former world champion Hill.
“He wants the best for his product and, if you look at it like that, you can understand why he wanted us to make a commitment. He is absolutely entitled to go for the best price he can get, and he can get a better price elsewhere, so we were told.
“But, without going into the absolute detail, Silverstone is getting a chance to show what it can do. The team have been negotiating, and there are clearly fine margins we are working on, so small differences make big differences over a 17-year contract.”
Silverstone is thought to have agreed to pay £12m to host the race in 2010, with a five per cent increase in the fee year-on-year. And while that means the Northamptonshire circuit spending around £310m over the 17 years, it is still understood to represent a saving of £60m. It is thought Ecclestone initially asked for a seven per cent fee increase year-on-year.
Ecclestone said: “This will ensure Britain will remain on the Formula One calendar for many years to come, which is something I have personally always wanted to see happen.”