Silverstone 'Close' To Saving British GP

Well, you don’t expect us to say “Bernie close to saving British GP,” do you?

Multiple sources have Silverstone chief and former world champ Damon Hill saying the deal is “close.”

We’ll give you the BBC’s take:

"

“We are very close. It comes down to a little bit of give on the negotiation and I think we’re there,” said Hill.

“We are doing everything we can to get the grand prix. It has been non-stop.”

Hill, who is president of the British Racing Drivers’ Club (BRDC) which owns Silverstone, said “I’m not involved in the discussions but I’ve been keeping abreast, until it’s done, there’s nervousness that it’s achievable but we are doing everything we possibly can.”

Silverstone Holdings operate the track and their managing director Richard Phillips said “We’re getting a lot closer and we are hopeful. We have to try to secure this for the UK.

“These five-year-deals we’ve had in the past are no good. We need a longer term deal – that is key to securing the investment we need in the circuit. We’re not there yet, but we’re optimistic we will be.”

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Of course, Bernie Ecclestone being Bernie, he couldn’t help but take a swipe or two at the circuit this weekend:

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Formula 1 chief Bernie Ecclestone has long been critical of the facilities at Silverstone and contrasted the venue to the sparkling purpose built £250m Yas Marina circuit in Abu Dhabi on Friday.

“People will start to understand when they see these sort of things, what we’ve been complaining about with Silverstone and Magny-Cours [in France] and all those places.

“It’s not just here but everywhere that has raised the standard so [much] higher. This is just even on top of that.

“It’s not just a case of [Silverstone] signing the contract and paying. They must raise their standard.

“They have a contract if they want to sign it. I’d be delighted. If they don’t want to sign it it’s OK.”

Asked if there was anything Silverstone could do to speed up a deal, Ecclestone said: “They need to go and buy a pen.”

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So, what’s the deal sounding like? Apparently a £12 million payment to Bernie next year with an increase of seven percent each year after that.

In other words, roughly a £750,000 increase each year to start, a number that will be even larger five or even 10 years down the road. [When the circuit's having to pay £20 million, that seven percent increase is suddenly closing in on £1.5 million.]

Why do you suppose there’s hesitation?

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