British Grand Prix Saved In £300m Deal

Silverstone

The British Grand Prix has been saved after Silverstone signed a £300million deal to host the Formula One race for the next 17 years.

F1 supremo Bernie Ecclestone had offered the race to Donington but that deal collapsed over a lack of funding.

Silverstone, the most frequent host of Formula One’s oldest race, re-entered the fray, though they were unwilling to meet Ecclestone’s demands. That was a £12m annual fee that would rise by seven per cent a year.

British Racing Drivers’ Club president Damon Hill help seal the deal, which will whet the appetite for a duel between new McLaren team-mates Lewis Hamilton and world champion Jenson Button.

Ecclestone said: ‘I am pleased to have reached an agreement with Silverstone for the retention of the British Grand Prix.

‘This will ensure Great Britain will remain on the Formula One calendar for many years to come which is something I have personally always wanted to see happen. The team at Silverstone already know how to organise a good event, and now everyone can look forward to next summer at Silverstone.’

via MailSport

Posted on December 7, 2009 | Filed Under Sport