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F1 owners near deal for British Grand Prix to be kept at Silverstone - FT

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By Reuters
F1 owners near deal for British Grand Prix to be kept at Silverstone - FT
Formula One F1 - British Grand Prix - Silverstone Circuit, Silverstone, Britain - July 8, 2018 Ferrari's Sebastian Vettel wins the race REUTERS/Andrew Yates   -   Copyright  ANDREW YATES(Reuters)

(Reuters) – Formula One owners Liberty Media Corp are nearing an agreement to keep the British Grand Prix at the Silverstone racing circuit, the Financial Times reported on Monday, citing sources familiar with the matter.

U.S.-based Liberty Media is in the final stages of agreeing a new deal with British Racing Drivers’ Club (BRDC), which owns the Silverstone track, the FT said.

Silverstone hosted the first championship grand prix in 1950 but the circuit’s owners triggered a break clause in 2017 in their contract, that threw the future of the country’s Formula One race into doubt.

Currently, a compromise is being discussed with Liberty Media, demanding 18 million pounds a year, while the BRDC has offered 15 million pounds a year, according to the report.

Formula One managing director Ross Brawn said last month that the sport could look to London if Silverstone fails to secure a deal for the British Grand Prix after this year.

Liberty Media and BRDC did not immediately respond to a Reuters request for comment outside regular working hours.

(Reporting by Kanishka Singh and Ishita Chigilli Palli in Bengaluru; Editing by Uttaresh.V)