The British Grand Prix, threatened with cancellation in recent months, will stay on the formula-one calendar for the next five years at Silverstone.
Jordan team owner Eddie Jordan confirmed the deal was reached on Thursday between the British Racing Drivers’ Club (BRDC) — owners of the Silverstone circuit — and formula-one chief Bernie Ecclestone.
”It will cost us money to do it, but I think it’s a justified case,” Jordan said. ”The history of grand prix racing revolves around Silverstone, so I am overjoyed this has happened.”
The deal means there will be 19 formula-one races next season. The final 2005 calendar will be announced on Friday in Monaco.
Formula one ‘s 10 teams agreed to share a loss reported at £20-million to finance the British Grand Prix. Seven of the teams are based in Britain or have connections with Britain.
Ecclestone has long been unhappy with the ageing former World War II airfield, located an hour north of London. In addition, the owners of the BRDC were several million pounds short of meeting Ecclestone’s fee to hold the race.
To make up for the shortfall, government officials granted tax breaks to keep the race in Britain. The British government is also funding a motor-racing innovation centre near Silverstone, which is expected to attract high-tech companies linked to formula one.
British Sports Minister Richard Caborn called it ”a great day for the future of the motor industry in the United Kingdom”. — Sapa-AP