British GP under threat due to financial dispute

The British Grand Prix is under threat due to an ongoing dispute between Formula 1 and the circuit owners. 

F1 has asked Silverstone to hold races on consecutive weekends this year in order to try and fit as many races on the calendar as possible, on 19 and 26 July. 

However, it is rumoured that the circuit owners are demanding £15 million to host the races, which is the same price as what it usually pays Formula 1 as a race fee. 

F1 has offered to make sure that Silverstone is not losing money in the deal, but the £15 million is far higher than the cost of hosting the race behind closed doors. 

This figure is too high for F1 to stomach even when the compensation for the loss of ticket sales is accounted for, but it is said that the two parties are still negotiating. 

Silverstone gave this statement: "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."

If a deal cannot be reached, it is suspected that Hockenheim will be the replacement. However it has also been mooted that Imola has an outside chance of hosting a race this season. 

A few F1 teams have reportedly expressed their annoyance at Silverstone's demands, especially at a time where F1 itself is struggling financially after seeing their profits cut dramatically. 

On a call with investors last week, although not directly mentioning Silverstone, it was clear to see what Chase Carey was talking about. 

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

"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."