Silverstone enjoys record revenue thanks to British GP success

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Silverstone Circuit is set to report record revenue for its fiscal year 2018 thanks to an increase of the British Grand Prix's ticket sales.

According to a report from The Telegraph, the BRDC - owners of Silverstone - has exceed its financial projections for 2018 with a record revenue estimated at £59.3 million.

Half of that turnover was reportedly generated by the British Grand Prix event which saw its ticket sales soar by nine percent in 2018, with a record 140,500 fans witnessing Lewis Hamilton's win last year.

Silverstone gets later July date for 2020 British GP

However, the BRDC's bottom line for 2018 was hit by the loss of revenue linked to the sale of the institution's Lotus dealership in April 2018, as well as by the significant refund to 40,000 fans of ticket sales associated with the cancellation of the UK's MotoGP round at Silverstone following track drainage issues during the rainy weekend.

According to a letter sent to BRDC members by chairman John Grant, attendance for this year's British Grand Prix increased once again, adding that "early ticket sales for 2020 are currently up on last year by no less than 50 per cent".

Silverstone is also set to benefit from next year from a alleged 25 percent reduction of its hosting fee for F1 per its latest 2020/24 agreement with The Formula One Group.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.