The future of the British Grand Prix is more secure than for some time, according to ex-Formula One driver Martin Brundle, chairman of the company that owns Silverstone.
The race's place on the F1 calendar has been thrown into doubt because the company that owns the lease to run the event is in financial trouble.
 Financial worries had put the future of the British Grand Prix in doubt |
Brundle - chairman of the British Racing Drivers' Club, which leases the track to Octagon Motorsports - said last month that he doubted Silverstone would be on the calendar after this year.
But he told the BBC Sport website at the San Marino Grand Prix: "It is not correct to say that the future of Silverstone is secure, but I would say things are heading in the right direction on a number of fronts.
"But there are still some significant hurdles to clear in terms of all the things that need to happen to make Silverstone the right facility for everybody.
"I'm probably more confident than a month ago. I wouldn't say everything is done and dusted, but a number of things that are happening look quite promising."
Brundle would not be more specific about the progress that has been made.
But a source has told this website that it revolves around Octagon Motorsports, which owns the lease to run the Grand Prix at Silverstone.
 Octagon is not walking away from Silverstone |
Octagon, which has renamed itself Brands Hatch Circuits Limited, is part of the giant US Interpublic marketing group and has said it wants to sell off some of its motor racing assets because of financial problems.
F1 boss Bernie Ecclestone has said that Octagon paid too much when it struck a deal with him for the rights to run the race and that the contract is not commercially viable.
But the source said Interpublic has come up with a restructuring plan that will enable it to make the contract more workable.
An Octagon statement last week said: "Although Brands Hatch Circuits Limited has publicly stated it is looking to sell parts of its business, this will not affect the commitments made to the British Grand Prix and a key objective is to complete the development of Silverstone."
 McLaren boss Ron Dennis is a leading figure in the BRDC |
McLaren boss Ron Dennis, a leading figure in the BRDC, told this website: "The reality is that Interpublic is a huge organisation.
"All companies are going through a bit of pain at the moment, but Interpublic is not going to go through any pain that [will] see them going out of business.
"It is the Interpublic guarantee both to Silverstone and to [F1 holding company] Slec through its contract which really means the Grand Prix is secure up to the end of that contract [which is in 2015].
"Inevitably, in severe times, people are going to try and optimise their commercial position and it's understandable that various elements mixed into this are trying to do that.
"But I think the last press release issued by Octagon confirms that they are going to invest heavily into Silverstone. They are not walking away from Silverstone."
MMIX
Email this to a friend 
Printable version 
