London, July 24: Jackie Stewart, president of the British Racing Drivers' Club which owns Silverstone, said his organisation was committed to helping secure the future of the British Grand Prix. Speaking at a news conference in London on Wednesday (July 23) Stewart said he and the BRDC were commited to saving the Grand Prix but that they were involved in a David and Golaith struggle. A meeting took place on Tuesday to try and secure the future of the British Grand Prix between the BRDC, the DTI, FOM and Octagon but it appears no real progress has been made.
Formula One sources said the meeting, involving government officials, was expected to discuss a potential solution that would guarantee funds to upgrade Silverstone circuit without the British Racing Drivers' Club (BRDC) having to borrow money. Formula One supremo Bernie Ecclestone on Sunday gave the BRDC, which owns the former World War Two airfield where the races are staged, a month to guarantee improvements.


He said the BRDC needed to borrow 40 million pounds ($64.10 million) to prevent the race going elsewhere. Britain is home to most of Formula One teams and Silverstone hosted the first Formula One race in 1950.


Another source said that one of the strongest options on the table was for the government, through the East Midlands Development Agency (EMDA), to underwrite a loan for the circuit to be developed.


Silverstone is the only circuit in Britain that meets grand prix standards, although the facilities remain antiquated compared to venues such as Malaysia and new circuits being built in China and Bahrain.


Bureau Report