Formula One: Silverstone triggers break clause in British GP contract

Mercedes AMG Petronas F1 Team's British driver Lewis Hamilton (right) and Mercedes AMG Petronas F1 Team's German driver Nico Rosberg drive during the British Formula One Grand Prix at the Silverstone circuit in Silverstone on July 5, 2015.
Mercedes AMG Petronas F1 Team's British driver Lewis Hamilton (right) and Mercedes AMG Petronas F1 Team's German driver Nico Rosberg drive during the British Formula One Grand Prix at the Silverstone circuit in Silverstone on July 5, 2015. PHOTO: AFP

(REUTERS) - Silverstone's owners have triggered a break clause in the British Grand Prix contract that will see an end to Formula One at the circuit after 2019 unless a new deal is agreed, they said in a statement on Tuesday (July 11).

This year's race takes place on Sunday.

"This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract," said British Racing Drivers' Club (BRDC) chairman John Grant.

"We sustained losses of £2.8 million pounds (S$5 million) in 2015 and £4.8 million in 2016, and we expect to lose a similar amount this year."