BRDC chief Warwick tells Sky Sports Liberty Media open to relaxing restrictions on extra revenue streams available for Silverstone
Friday 27 January 2017 13:26, UK
The takeover of Formula 1 has "changed the face of 2017" for Silverstone and its prospects of retaining the British GP, according to British Racing Drivers' Club (BRDC) president Derek Warwick.
The future of the event has been at the centre of speculation since details emerged of a pre-Christmas letter sent to members of the BRDC, Silverstone's owner, in which its chairman John Grant said the venue would have to consider activating a break clause in its F1 contract due to spiralling costs.
However, a report that Silverstone had already decided to drop the race after 2019 was dismissed by the circuit last week and Warwick has told Sky Sports News HQ that he is "very positive now about the future" after Liberty Media completed its buyout of F1.
"Monday definitely changed the face of 2017," Warwick said in an interview with Craig Slater. "We know where we're going now with Liberty, we know where we're going with Silverstone.
"We are very positive we can now work this grand prix and make a profit in 2017. We're looking forward to 2017."
Although regularly the most attended Grand Prix on the calendar - last year's British GP pulled in a race-day crowd of 139,000 - the narrow margins of its F1 hosting contract mean Silverstone struggles to turn a profit on the event.
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But Warwick has revealed that in recent talks with new F1 CEO Chase Carey the American indicated that Liberty could be willing to allow Silverstone to benefit more from other revenue streams around the race.
"What he [Carey] is saying to us is he might relax certain restrictions that Bernie has had on us over the last few years in terms of merchandising, marketing, sponsorship etcetera," said the former F1 driver.
"We know for a fact there are some circuits out there that have more flexibility with their contract with Bernie [Ecclestone] than what we've got. So maybe they will join forces and make sure we can all use that expertise that other circuits have in order to make Silverstone more profitable."
No Silverstone alternatives
Carey told SSNHQ earlier this week he wanted to retain a British race and Warwick insists only Silverstone is capable of holding the country's showpiece motorsport event.
Asked about possible alternative venues, Warwick replied: "The Circuit of Wales is just a white elephant. That shouldn't happen, won't happen, I don't think it will ever happen.
Could anywhere else stage the British GP?
"There's no other circuit in the UK that could hold a Grand Prix, not without massive investment and I'm talking hundreds of millions. I don't think that will happen either.
"London? We've been talking about London for 10-20 years and I know that Chase and Liberty would like to go to all the big cities, but can you imagine holding a Grand Prix around Hyde Park? Never."
Tribute to departing Ecclestone
While enthused about F1's future under its new owners, Warwick also reserved praise for Bernie Ecclestone's achievements across the 86-year-old's long reign as the sport's commercial chief.
Warwick, who drive for Brabham in 1986 when Ecclestone owned the team, said: "The news of Bernie going shocked me and the first thought I had was sadness. He's been amazing this last 40 years, for drivers, for teams, for fans, for television, for everybody. So I was sad when I heard it. I think it's the right time to move on.
"His legacy will live on and we will forget all the little difficult periods we've had with Bernie and we will remember all the good times.
"That legacy will stand forever in my mind."
