The long-range future of the Formula 1 British Grand Prix is still up in the air.

Last year, the Silverstone Circuit triggered an opt-out clause in its contract with Liberty Media for financial reasons. meaning there is no contract to race at Silverstone beyond the 2019 season.

"We got ourselves into a pickle because we had a business that was solely financed by the Grand Prix," Silverstone managing director Stuart Pringle said.

The circuit is therefore diversifying, and Pringle said Silverstone is now moving toward more solid financial footing.

"It gives us the confidence to say, 'Lord knows we want to keep the Grand Prix, but not at any price," Pringle said. "We're going to have a broader, more diverse business that can survive without it. But we'd much rather have one with it."

When asked about Silverstone, Formula 1 chief executive Chase Carey said F1 is a sport that will continue to embrace its European roots.

"But we do want to bring some freshness to it," Carey said. "We think it's important to go to some places that can capture people's imagination that are new."

That might be a reference to London, with commercial boss Sean Bratches admitting a street race in the British capital is appealing.

"If there was an opportunity to race on the famous streets of London, that would be ideal for Formula 1 fans around the world," Bratches said.

However, he also said he is hopeful that negotiations with Silverstone will work out.

"There has not been a lot of change in terms of the last time we spoke," said Bratches. "But we are having discussions and conversations around the business terms, and both are genuinely trying to get a deal done."

Source: Autoweek

December 5, 2018