Silverstone and F1 locked in British GP financial standoff

As if the COVID-19 crisis was not enough to jeopardize this year's British GP, the showcase event is also under threat because of a financial stand-off between F1 and Silverstone Circuit.

According to a report from the BBC, Silverstone is making "unreasonable demands" on F1's plans to stage consecutive races at the British track on July 19 and 26.

Silverstone is reportedly demanding a £15 million fee from F1 to host this summer's British Grand Prix double-header, an amount the track usually pays to F1 as the event's franchise fee.

Formula 1 is reportedly ready to cover all the costs associated with the two races and also offer a payment in compensation for lost ticket sales and vendor licensing.

• Formula 1 opens talks with UK over quarantine measures

But Silverstone is apparently driving a hard bargain, although it has already lowered its financial demands according to sources.

"Silverstone and F1 remain in close dialogue with each other and the relevant authorities to try to make a British Grand Prix happen behind closed doors," commented a spokesperson for the British track while Formula 1 did not respond on the matter when queried by the BBC.

Last week, F1 chief executive Chase Carey vowed to be supportive of all parties involved in the current crisis. But Carey also made clear that there would be no generous handouts.

"Whether it's the teams, or promoters or sponsors, we're not going to be handing out candy to everybody," he said.

"We're going to expect to be treated fairly, but we're going to deal with it as adults, and with the expectation that 2021 is going to look like the business that we all knew four months ago."

In hindsight, Carey's comments may very well have been directed at Silverstone and at the current gridlock between the sport and the circuit regarding their financial affairs.

Should the standoff persist, with F1 scrapping the British Grand Prix from its rebuilt 2020 calendar, Hockenheim could step up to the plate and offer to host a race or double-header event at the German track, right after the sport's scheduled curtain-raiser rounds at the Red Bull Ring in Austria.

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