Formula One CEO Bernie Ecclestone has reassured British fans there will be a Grand Prix in the country despite Silverstone’s uncertain future.
The Northamptonshire circuit is on the verge of pulling the plug on its current contract to host F1 which runs out in 2026.
They currently pay £17 million to host the event each year, a figure that rises 5% annually but due to the increasing costs the management are threatening to break a clause in their contract as early as 2019.
“We don’t want to lose [it] and we are not going to lose Formula 1 in Great Britain,” he told ITV News.
“We won’t let them [the fans] down. Maybe there will have to be a year without it, but normally we are going to be alright.”
The 86-year-old admitted Silverstone had informed him they were losing money despite attracting 139,000 fans for the 2016 race.
He added that it’s a shame the government hasn’t shown support to try and help fund the Grand Prix.
“We will have to see exactly what is happening and what the problems are. They say they are losing money, but people don’t understand why.
“The place is full and other countries don’t have such big crowds as we have and don’t have the same problems.
“It’s also a bit of a pity that our government doesn’t help a little bit because the British Grand Prix is good for England, good for business, good for everybody.”
Read Motorsport recently looked into how Silverstone’s F1 dilemma was created by governments looking to use the benefits of hosting a race to promote their country, with Malaysia being the first when it joined the calendar in 1999.
