Formula One owners Liberty Media Corp are nearing an agreement to keep the Briti...
- Formula One owners Liberty Media Corp are nearing an agreement to keep the British Grand Prix at Silverstone, the Financial Times reported on Monday citing sources familiar with the matter.
U.S.-based Liberty Media, which acquired Formula One in 2017, is in the final stages of agreeing a new deal with the British Racing Drivers’ Club , which owns the Silverstone track, the FT said. The main sticking point was the cost of hosting rights for the race, which were set to rise each year under the terms of the contract the BRDC had with the former owners of Formula One and ex-chief executive Bernie Ecclestone.
Other venues, such as Cardiff, were also under consideration, but those plans were shelved after Liberty Media concluded a move would not be possible by next year and stepped up talks with the BRDC, the FT said.
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