Liberty 'won't renegotiate Silverstone contract'

Liberty Media Group boss Chase Carey has said that he won't change the terms of the commercial contract that Silverstone signed with Formula One to stage the British Grand Prix.

However, Carey did offer hope that Liberty might be able to find other ways of helping ensure the race remains on the calendar in the future.

"We are not going to renegotiate with Silverstone, but we will work with them to be good partners," Carey told the Mail on Sunday newspaper this week.

Silverstone's owners, the British Racing Drivers Club, have said that the race is unaffordable under the current commercial terms, which provide for an incremental increase in the race fees paid by the BRDC year-on-year.

Recent reports have suggested that the BRDC is on the brink of activating the break clause on the contract and walking away from holding the contract after 2019.

• British GP's prospects boosted by F1 takeover - Warwick

BRDC president Derek Warwick has expressed hopes that Formula One's new owners may be more flexible when it comes to merchandising, marketing and sponsorship arrangements.

"The British Grand Prix is an important race in the calendar," confirmed Carey. "Although we want to stage new races in “destination” cities such as London, New York, Miami and Los Angeles, we recognise the European foundations of the sport and want to continue that tradition.

"With Silverstone, we want to help them promote the race. When there is an NFL game in London, the shops in Regent Street are full of it.

"We want to do that sort of thing with the British Grand Prix and also make the event broader, with the race at the centre of a full weekend show."

However promotion isn't an issue for Silverstone, which in recent years has reported a near sell-out with crowds close to the 140,000 capacity of the circuit including last year's event which was won by home hero Lewis Hamilton.

GALLERY: F1 drivers' wives and girlfriends

Keep up to date with all the F1 news via Facebook and Twitter