New deal saves our Grand Prix

14 April 2012

The British Grand Prix will be at Silverstone for the next five years after a deal was signed today between Formula One and the circuit's owners.

The agreement brings to an end months of uncertainty and acrimony between the British Racing Drivers' Club and Bernie Ecclestone's F1 organisation.

Sports minister Richard Caborn, who helped bring the two sides together after the British Grand Prix was left off the provisional Formula One calendar in October, welcomed the news.

He said: "This is a great day for the future of the motor industry in the UK. This should not only secure the long-term future of all the teams operating out of the UK, but will give the opportunity for others to join."

Eddie Jordan, whose team is based across the road from Silverstone, said: "It will cost us money to do it but I think it is a justified case, not just because most of the teams are based within that area but it's important for our staff and the history of grand prix racing. "I'm overjoyed that this has happened. It's important, not just for me personally, but also the people who have put so much into this for years.

"It is special and the emphasis is changing with grands prix in the centre of major cities, but the investment is guaranteed and we have to make sure the five years becomes a further five years.

"The future of Silverstone is on a much better footing today."

Ecclestone has long criticised Silverstone's facilities, with the venue for the first-ever world championship grand prix in dire need of a new pit complex as well as improvements to the spectator areas.

Jordan feels it is unfair to compare Silverstone to circuits such as Shanghai, which have benefited from government money.

"The facilities are not up to the standard of, for example, Bahrain or Shanghai, but these circuits have been funded by major investment on government levels," he added. "It has been a government decision in these countries to get a major sporting event.

"That doesn't happen at Silverstone, it is all private funding or the paying spectators. As a result I compliment Silverstone for putting this deal together."

Ecclestone has come in for criticism over the Silverstone saga, with some questioning whether the multi-billionaire should have made more concessions to protect his home race, the oldest event on the calendar.

However, Jordan said: "I don't think Formula One would be a credible sport without what he has done over the past 20 years.

"He has brought huge credibility to the sport, he has made a primarily British sport the biggest competing sport annually. It brings huge recognition to Britain and we must not underestimate the value he contributes."

The future of the French and San Marino grands prix are also secure as a result of the deal which allowed Silverstone to remain on the calendar.

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New deal saves our Grand Prix

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