RE: Silverstone F1 Terminated!
Tuesday 20th April 2004
Silverstone F1 Terminated!
Grand Prix contract binned prematurely
In a statement just issued by Silverstone, it's been revealed that it has terminated its contract with Formula One!
The Interpublic Group of Companies which owns Silverstone Motorsport Ltd announced earlier today a deal with Formula One Administration Limited for the early termination of its British Grand Prix contract from 2005 onwards.
Its lease of Silverstone circuit from the British Racing Drivers’ Club, the landowner, remains in place. There is no change to the status of Silverstone Motorsport Ltd.
Silverstone Motorsport Ltd today confirmed that the 2004 Foster’s British Grand Prix is unaffected and that the company remains fully focused on preparations for the event, to be held 9th-11th July.
Discussion
accordin to bbc1 eccelstone has bought it so future should be safe??
http://news.bbc.co.uk/sport1/hi/motorsport/formula_one/3642787.stm
http://news.bbc.co.uk/sport1/hi/motorsport/formula_one/3642787.stm
Who cares? F1 isnt exciting anymore anyway (IMHO). The only time I really enjoyed it was when I went to see it in Australia, and that was only because I got a good tan at the same time and there was plenty of nice totty to look at when I got bored. I'd much rather go and watch GT or Rally events.
Tickets are way too expensive now too and I refuse to help line Ecclestone's pockets. Stupid amounts of money spoil any sport (football has gone the same way).
Admitedly, its beneficial to the host countries in terms of employment and GDP, but the FIA, FOA and SLEC make unbelievable amounts of money. F1 is too big IMHO and I dont trust is any more than I trust the olympic comittee. The FIA owns Formula One, but a lot of its commercial side is licensed to Formula One Administration (FOA). The ownership of these
rights and companies is rather difficult to uncover. Also, is it fair that Brazil pays no fees to host a grand prix yet some countries are asked to find 30 to 40 million dollars? Im sure Ecclestone and Mosely just pick a nice round figure out of thin air. Not to mention the promotor fees of $15 million per race....
>> Edited by jam1et on Tuesday 20th April 15:46
Tickets are way too expensive now too and I refuse to help line Ecclestone's pockets. Stupid amounts of money spoil any sport (football has gone the same way).
Admitedly, its beneficial to the host countries in terms of employment and GDP, but the FIA, FOA and SLEC make unbelievable amounts of money. F1 is too big IMHO and I dont trust is any more than I trust the olympic comittee. The FIA owns Formula One, but a lot of its commercial side is licensed to Formula One Administration (FOA). The ownership of these
rights and companies is rather difficult to uncover. Also, is it fair that Brazil pays no fees to host a grand prix yet some countries are asked to find 30 to 40 million dollars? Im sure Ecclestone and Mosely just pick a nice round figure out of thin air. Not to mention the promotor fees of $15 million per race....
>> Edited by jam1et on Tuesday 20th April 15:46
All that has happened is this:
IPG bought the rights to the GP from Nicola Foulston when they bought Brands Hatch (and other circuits}.
IPG couldn't bring Brands Hatch up to F1 standards.
IPG therefore rented Silverstone from the BRDC and exercised their right to run the GP.
IPG formed a subsidiary company called Silverstone Motorsport Ltd to run the GP.
IPG decided to get out of their British motor sport commitmentsand sold off the circuits they owned to Jonathan Palmer.
This left IPG/Silverstone Motorsport Ltd with their lease of Silverstone and their rights to the GP.
IPG have arranged with BE that they should be released from their rights to the GP.
IPG will no doubt make a similar arrangement with the BRDC to terminate their lease of Silverstone.
Will IPG sell their 'Silverstone Motorsport Ltd' to a third party who will continue to run the GP?
Or will BE do it himself, or buy Silverstone, or let it die?
Who knows?
IPG bought the rights to the GP from Nicola Foulston when they bought Brands Hatch (and other circuits}.
IPG couldn't bring Brands Hatch up to F1 standards.
IPG therefore rented Silverstone from the BRDC and exercised their right to run the GP.
IPG formed a subsidiary company called Silverstone Motorsport Ltd to run the GP.
IPG decided to get out of their British motor sport commitmentsand sold off the circuits they owned to Jonathan Palmer.
This left IPG/Silverstone Motorsport Ltd with their lease of Silverstone and their rights to the GP.
IPG have arranged with BE that they should be released from their rights to the GP.
IPG will no doubt make a similar arrangement with the BRDC to terminate their lease of Silverstone.
Will IPG sell their 'Silverstone Motorsport Ltd' to a third party who will continue to run the GP?
Or will BE do it himself, or buy Silverstone, or let it die?
Who knows?
BBC Report:
"Ecclestone sees Silverstone's facilities as outdated"
No kidding. When Bahrain is spending $150 million, and Shanghai £240 million on new F1 circuits, Silverstone is starting to look very second rate.
BE will probably buy the lot and continue to host F1 at Silverstone himself, that way after investment, he gets the profits from hosting the event there and the fee's he pays goes to the FOA (i.e. himself!).
>> Edited by jam1et on Tuesday 20th April 15:59
"Ecclestone sees Silverstone's facilities as outdated"
No kidding. When Bahrain is spending $150 million, and Shanghai £240 million on new F1 circuits, Silverstone is starting to look very second rate.
BE will probably buy the lot and continue to host F1 at Silverstone himself, that way after investment, he gets the profits from hosting the event there and the fee's he pays goes to the FOA (i.e. himself!).
>> Edited by jam1et on Tuesday 20th April 15:59
jam1et said:
No kidding. When Bahrain is spending $150 million, and Shanghai £240 million on new F1 circuits, Silverstone is starting to look very second rate.
Ah, but the governments for Bahrain and China have spent those millions, Silverstone is owned by the BRDC and does not get government money.
Yes I know, I wasnt commenting on how it was paid for, I was just saying how second rate Silverstone is going to look. Like I said before, I dont much care for F1 anyway so I'm not really bothered. But if we do want to continue hosting it here then BE or someone with serious cash is going to have to invest a lot of money....
>> Edited by jam1et on Tuesday 20th April 16:03
>> Edited by jam1et on Tuesday 20th April 16:03
jam1et said:
Who cares? F1 isnt exciting anymore anyway
Pretty much anybody involved in the sport from fans to club racers should care!
F1 feeds every aspect of motor sport in the UK either indirectly or directly.
The interest it creates generates new fans some of whom in time become (club) racers themselves which in turn creates income for engine tuners, race shops, race car dealers and so on - not to mention added enjoyment for those who just like to watch the racing be it F1 or Mighty Minis.
England is the centre of the Motor Racing universe but without F1 - that centre will begin to shift elsewhere and then the country looses a very large chunk of an industry which IIRC is worth something in the region of £30billion.
The amount of business done in the paddock club at Silverstone each year is massive - this is mainly business that benefits the UK - ie You and me!! I wouldn't mind betting that the value of the sport, combined with the collective deals of British business involved in F1 isn't far short of £100billion.
F1 may not be the most exciting sport at the moment but it is still important - and vital that it remains active in the UK.
And quote me another sporting event in the UK which attracts over 100,000 people over 3 days!
If we lost F1, do you think those 100,000 people would turn up for a BTCC race?
Nope!
Would Piquet and Rosberg put their lads through British F3?
Nope!
Would even a quarter of that number camp out for a weekend to watch a 750MC meet?
Nope
So who should care?
I think we all should!
No country has a devine right to hold an F1 race but some need it more than most and right now, it's something we could well do without loosing - regardless of the on-track tedium!
It's a bit like saying "why bother about the Olympics coming to the UK" or "Why bother about Wembley", "Why bother about Cities of Culture".
We're British dammit - why can't we fight for stuff anymore!
So there!
Stuart J said:
Lets hope Brands get it, at least the circuit has some interest.
Brands is an interesting circuit, but the facilities there can't compare to Silverstone - let alone some of the foreign tracks.
Anyway, the 'British' Grand Prix everybody still remembers wasn't at Silverstone, or Brands - it was at Donington. About time Tom Wheatcroft got another one.
Andrew Noakes said:
About time Tom Wheatcroft got another one.
I'd love to see Brands run it again though- it still has three of the best corners in the World and unbeatten for viewing but the cost to bring it up to spec would be massive.
I think Rockingham missed a trick on this one too.
So, Donnington it is then - anyone have Bernie's number?
"If we lost F1, do you think those 100,000 people would turn up for a BTCC race?
Nope!
Would Piquet and Rosberg put their lads through British F3?
Nope!
Would even a quarter of that number camp out for a weekend to watch a 750MC meet? "
Well 44,000 people turned out on one day last year for the GT/F3/Seat/Tuscan race day at Rockingham, combined with a SugarBabes (?) gig. That is how to promote motorsport - put on something that gives the whole family something to do.
F1 is a spectacle but the racing is dull. I've been a couple of times but wouldn't make the effort now.
Nope!
Would Piquet and Rosberg put their lads through British F3?
Nope!
Would even a quarter of that number camp out for a weekend to watch a 750MC meet? "
Well 44,000 people turned out on one day last year for the GT/F3/Seat/Tuscan race day at Rockingham, combined with a SugarBabes (?) gig. That is how to promote motorsport - put on something that gives the whole family something to do.
F1 is a spectacle but the racing is dull. I've been a couple of times but wouldn't make the effort now.
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