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Horner tips London street race as British Grand Prix alternative

Horner tips London street race as British Grand Prix alternative

Silverstone announced on Tuesday that it would activate a break clause in its contract to put an end to hosting the British Grand Prix in 2019, despite Perez being one of many drivers to speak highly of the circuit.

Silverstone's announcement mere days ahead of this weekend's British Grand Prix as a hardball tactic to force new F1 owners Liberty Media into renegotiating favorable terms for the circuit quickly.

Though the BRDC wants to use the break clause as a chance to negotiate a better deal, a statement from F1 said its behaviour was "posturing" and the timing of the decision was unfair. Grant, who remains hopeful of persuading F1's commercial rights holders to change heart, lamented the impasse that has thrown the British Grand Prix's future into fresh danger.

"Despite being the most popular weekend sporting event in the UK-with a live audience of over 350,000 attendees-the net revenue we receive is not enough to cover the Grand Prix's share of our overhead costs, let alone turn a profit", Grant told Motorsport.

Despite triggering the contract, Grant remains confident that "an agreement can still be reached, so that we can ensure a sustainable and financially viable future for the British Grand Prix at Silverstone for many years to come".

The clause means that unless renegotiation takes place, the race will move away from Silverstone after 2019.

More than 135,000 F1 fans are due at Silverstone on Sunday as Lewis Hamilton bids for a fourth successive British GP win. The new centre will be located in an old World War 2 hanger near the circuit and will celebrate Silverstone's past and the impressive races that have unfolded on the track. The increase in United Kingdom inflation over the same period has been £2.8 million less, and if Silverstone was to fulfil the full current contract it will be paying £25m by 2026.

"Liberty recognise the value of the brand they have paid so much money for is absolutely underpinned by the traditional grand prix", he added.

The BRDC hopes to continue negotiations with the Formula One Group to continue hosting the race from 2020 onwards, but is refusing to continue under the current deal it believes is unsustainable financially. No doubt there will be a tremendous amount of discussions and negotiating that will take place over the next few years in an attempt to save the event.

The first British Grand was first held at Silverstone in 1948, two years before the World Championship of Drivers was introduced.

"I don't feel Formula One is winning, and it hasn't been for a long time", he was quoted as saying earlier this year.