13 July, 2017
"We can no longer let our passion for the sport rule our heads", said Grant.
BRDC, which has been custodian at Silverstone for more than 70 years, racked up losses of £4.8m in 2016.
Daily Star Online revealed how the 2020 British Grand Prix could be moved to London if no deal is made, and detailed a circuit which has been planned for the capital.
"It would be shocking to lose Silverstone from the calendar, It would be even more shocking to lose a British GP when you consider 80 per cent of the teams are based within the United Kingdom and how much the United Kingdom contributes to Formula One".
Losses - worth S$13.52 million - the British Racing Drivers' Club sustained from holding the British GP the last two years.
The BRDC confirms it is still in talks with Liberty Media "about finding a solution that secures the long-term financial viability of the event". The race organizers have stated that the costs of presentation of the test will increase to 25 million pounds (41.5 million dollars) by 2026, the final year of the current contract. The increase in United Kingdom inflation over the same period has been £2.8 million less, and if Silverstone was to fulfil the full current contract it will be paying £25m by 2026.
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Ecclestone doesn't believe that any other racetrack in the United Kingdom has either the capacity or the facilities to safely host a Grand Prix race but thinks fears that there won't be a British Grand Prix beyond 2019 are misplaced.
Yes they want to keep the profits rolling in, but they also know the best way to do that is to retain the races that really matter, the races that are culturally relevant in their most important TV markets, Europe and the United States.
So I believe in a case like this, where the economy is at stake, I think they have to look very seriously at giving a helping hand.
"I'm sure F1, working with us, can in the future have an F1 race in London". "It is certainly our plan as long as we are running Formula One to have a race in the United Kingdom".
"But with this London event happening tomorrow, if that was a success - which hopefully it should be - with the recent legislation changes that are happening in the City of London, one can imagine a London Grand Prix being pretty attractive to the Liberty guys".
"We offered to extend the current deadlines in order to focus on everything that is great about Silverstone and Formula One".
Total-led group lands first contract in Iran in a decade
The news was also reported by Iran's state-run Tasnim News Agency, which said the deal was "in the final stages". Hopes are high in Iran that the Iranian Petroleum Contract will enhance local companies' capabilities.