Ecclestone: We won't let the fans down!

Bernie Ecclestone admitted to be concerned by Silverstone's financial plight in light of its potential need to withdraw from its British GP contract with FOM.

The 86-year-old is confident however that the showcase event will remain at Silverstone, although he did evoke the eventuality of the venue dropping off from the calendar for one year if it turns out to be the only viable option.

"We don't want to lose [it] and we are not going to lose Formula 1 in Great Britain,"Ecclestone said in an interview with ITV News

"We won't let them [the fans] down. Maybe there will have to be a year without it, but normally we are going to be alright."

Alternative venues quiet over Silverstone news

Ecclestone explained that a thorough assessment of the event's problems shall take place in order to find a way out of the venue's financial quandaries.

"We will have to see exactly what is happening and what the problems are. They say they are losing money, but people don't understand why.

"The place is full and other countries don't have such big crowds as we have and don't have the same problems.

"It's also a bit of a pity that our government doesn't help a little bit because the British Grand Prix is good for England, good for business, good for everybody.

The F1 supremo insisted that FOM's desire to have the race remain in Northamptonshire was not to serve its own self-interest.

"It is not a case of being good for FOM either because we could go anywhere. It doesn't make any difference.

"We don't need to fill the bank, which it doesn't do as it happens, because it is the cheapest race we have got."

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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.