Silverstone made £13m profit - or did they?
Discussion
Story here
Anyone got a reliable link to this 'story'?
Or should I treat it in the same way I've treated 'Ron has been fired' story.
Anyone got a reliable link to this 'story'?
Or should I treat it in the same way I've treated 'Ron has been fired' story.
Interesting that the article refers to the BRDC but reports to profits from operating the circuit.
The BRDC is a company limited by guarantee, it's effectively "not for profit", the circuit is managed and operated by Silverstone Circuits Limited. I don't know who the GP contract reverted to once Octagon/IPG upped and left - presumably to the BRDC rather than the SCL as the original lease had been from the BRDC to Octagon (or was it even BHL?).
Clearly someone has seen accounts but I wonder if they entirely understand what they have seen?
I appreciate that my response doesn't answer the question at all!!
The BRDC is a company limited by guarantee, it's effectively "not for profit", the circuit is managed and operated by Silverstone Circuits Limited. I don't know who the GP contract reverted to once Octagon/IPG upped and left - presumably to the BRDC rather than the SCL as the original lease had been from the BRDC to Octagon (or was it even BHL?).
Clearly someone has seen accounts but I wonder if they entirely understand what they have seen?
I appreciate that my response doesn't answer the question at all!!
The pit pass article is woeful.
BRDC Limited runs the circuit since Interpublic bought itself out of its contract.
For the 18 months to 31 Dec 2006 BRDC Ltd had a turnover of £54m, an opertaing loss of £739,000 and a post tax loss of £1.5m. This compares with a post tax profit of ~£15m in the 12 month period to 30 June 2005, and this was due to the £22m payment from Interpublic to get out of the contract to run the circuit.
The article talks about Ecclestone's F1 group making just £1.5m due to it making massive debt repayments. As anyone with even the most basic financial knowledge would know, debt repayments have nothing to do with profit.
Not that any of this is 'news', where the word new suggests something, er, new. BRDCs accounts were publishd in May last year.
Very poor article indeed
BRDC Limited runs the circuit since Interpublic bought itself out of its contract.
For the 18 months to 31 Dec 2006 BRDC Ltd had a turnover of £54m, an opertaing loss of £739,000 and a post tax loss of £1.5m. This compares with a post tax profit of ~£15m in the 12 month period to 30 June 2005, and this was due to the £22m payment from Interpublic to get out of the contract to run the circuit.
The article talks about Ecclestone's F1 group making just £1.5m due to it making massive debt repayments. As anyone with even the most basic financial knowledge would know, debt repayments have nothing to do with profit.
Not that any of this is 'news', where the word new suggests something, er, new. BRDCs accounts were publishd in May last year.
Very poor article indeed
After a couple more minuted digging I see where they get their numbers - the Pit Pass figures are from Silverstone Circuits Limited accounts.
The figures they report are correct, but still old and still misleading.
The 18 months figures to Dec 2006 include two GPs and all the other revenue from running the race circuit. Prior to that Interpublic ran the circuit and turnover was just £5.5m in the 12 months to 30 June 2005.
They aren't comparing apples with apples.
The figures they report are correct, but still old and still misleading.
The 18 months figures to Dec 2006 include two GPs and all the other revenue from running the race circuit. Prior to that Interpublic ran the circuit and turnover was just £5.5m in the 12 months to 30 June 2005.
They aren't comparing apples with apples.
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