2010 British Grand Prix deal done (updated)
Alan Henry claims on the Guardian’s website that the British Grand Prix will be on the 2010 F1 calendar and stay there until 2014.
The story claims a five-year deal with Silverstone to host the British Grand Prix has been struck and will be announced tomorrow. That would coincide with the race-holding British Racing Drivers’ Club’s annual awards ceremony.
The deal is reported to be worth £14m for next year’s race, with costs rising 7% per year. That is an entirely different deal to the one originally offered, of a 17-year deal with a 7% escalator starting at £12m.
The total value of the 17-race deal was over £370m, or £21.77m per race. This deal would work out at £80.5m over five years, or £16.1m per race.
If the details are accurate, Silverstone has agreed to pay more for the next five races than it would have paid under the original offer, but without being shackled to another 12 years’ payments.
The Canadian Grand Prix recently returned to the F1 calendar on a five-year deal worth $75m (Canadian), roughly £43m, which was CAN$100m less than Ecclestone originally wanted.
Ecclestone’s latest deadline for Silverstone to agree a deal is Friday 11th December.
Update: The BRDC claims it has signed a 17-year deal to host the British Grand Prix at Silverstone from 2010. Press release below.
Silverstone and the BRDC announce 17 year Formula 1 British Grand Prix deal.pdf
Read more: 2010 F1 calendar
DGR-F1 said on 8th December 2009, 13:23
So, a ruined and financially deficit Donington has paved the way for 17 more years at Silverstone. Has the price been worth it? Is this really the way we expect our race promoters to behave?
Especially considering it will still be 17 years of bickering and ‘are they, aren’t they’ between Bernie and the BRDC. Isn’t it about time it was settled once and for all, and for Bernie to put his money where his mouth is?
DGR-F1 said on 8th December 2009, 13:24
oops, I correct myself to only 5 years….