Silverstone deal: 17 years, new pit lane and paddock
December 7, 2009 by SJ Skid
Filed under Prime & Option, Top Story
As expected, the British GP is saved.
Details unveiled today by the British Racing Drivers’ Club include a 17-year commitment with Formula 1 and promises of revamped pit lane and paddock areas.
Plus, amazingly, the BRDC seems to have gotten F1 chief Bernie Ecclestone to lower his monetary demands.
The BBC is reporting that the original contract that started these negotiations contained a 12 million Pound fee for 2010 with a 7% increase each year through the life of the deal. That increase apparently has been reduced to 5%.
Maybe Bernie is getting soft in his old age?
Here are some details from the BBC:
The Northamptonshire circuit stepped in to stage the race, which next year takes place on 11 July, after Donington Park was stripped of the rights.
“This is tremendous news,” said 1996 Formula 1 champion Damon Hill, who is president of the British Racing Drivers’ Club that owns Silverstone.
Under the deal, Silverstone will redevelop the pit lane and paddock.
Work is due to start as soon as possible after Christmas but is not expected to be completed until 2011.
Hill added: “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 welcomed the deal, adding: “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.
“The team at Silverstone already know how to organise a good event and now everyone can look forward to next summer at Silverstone.”
[snip]
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 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.
I suppose that out clause could be Bernie’s way of making back those lost percentages if another track — Donington? — is anxious to jump into the calendar.
But that’s finding the rain in today’s silver lining… if that’s even a metaphor.
The good news: The British GP is back and here to stay.
[OK, Bernie. Now, how about turning your attention to the U.S.?]
Add some rains to “features” as well. Don’t want to pour cold water over the enthusiastic responses that F1 fans have when raving about “Classic” venues. But barring rain affected 2008 race, Silverstone has been pretty much dry affair..
As a sympathizer for the venue promoters ,I only hope that all those “small details” comments from Damon Hill are true and BRDC have left no stone unturned to ensure they have got the best possible deal with Crafty Eccelstone, especially given the fact that BRDC stepped in to rescue British GP after a well documented Donnigton Fiasco.
PS – Can someone resurrect the “Dunlop” Bridge again… I will miss it a lot
Great to see that F1 will continue in GB (England that is). I didn’t care too much where it was going to be as both circuits are very good & a change sometimes is as good as a rest, so shame about Donnington. I am well in favour of keeping the original circuits ie: Monza, Spa & Silverstone etc:
Now Bernie get back in the USA & France.
I can’t help but think that F1 is not in the States because Y’all don’t really want it.
If all the Yanks who get up at 5 a.m. cram into Indy, there’d still be room for the population of Belgium.
Same reason that the U.K. is not one of the plethora of nations of the World Series.
Sadly I think you’re right. There are a lot of fans here in the states but I think the high-water attendance for the Indy race was around 170,000. Correct me if I am wrong folks but I think that was the number I heard on the first race.
The challenge is that F1 needs to break this market because it is a bog one for the car manufacturer’s but with them all pulling out, maybe F1 doesn’t need this market afterall. A sad realization but perhaps a shred of truth?
17 years? What a contract. Bernie probably lowered the increase in fees because he knows he wont be around that long.
I agree… Bernie needs to focus on the US now.
Whooda thought that Mr. Bernard Charles actually WANTED a race at the home of Mclaren, Red Bull, Renault, Brawn Mercedes, Force India and Williams; where the sixty-year heritage brought a sell-out crowd, in the depths of recession, to a circuit where you can’t see more than two hundred yards of track from your cinder sloped stoop.
Little or no off track entertainment and huge prices don’t deter the U.K. motor-nerds and He’s managed to make them all grateful for only a 5% yearly price hike in an economy with an underlying inflation rate of .75%
But, then, We’ve always had to shop at the company store with B.C.E.
Amazing news. Love silverstone. A track with turns that have names not numbers. Great track. Glad to see that some of the classics are going to survive.