Chase Carey: 'Formula 1 Looking For New German Grand Prix Home'

The chief executive of the Formula One Group, Chase Carey, has said Silverstone’s decision to initiate the break clause in its contract to host the British Grand Prix earlier this week was annoying and frustrating. The decision has placed the future of the race, which has been on the F1 calendar since the world championship began in 1950, in doubt.

Silverstone has a contract to host the race until 2026 but had the option to opt out from hosting it after 2019, which it chose to exercise this week. The British Racing Drivers’ Club which owns the track said the cost of hosting the race was not financially viable, citing losses of £2.8m in 2015 and £4.8m in 2016.

Carey, however, believed the timing of the announcement was unnecessary and unhelpful in coming to an agreement. “Certainly doing things that are annoying and frustrating doesn’t help,” he said. “When you are trying to wrestle difficult things to the ground they don’t create a great level of trust in how things are being dealt with.

“We offered to extend any contractual deadlines for both of our benefits. We wanted this week to be as positive as possible about the sport,” he added. “I don’t get why they thought it made sense to do what they did, so it is frustrating but it’s not going to change. This is just a sport that likes to posture in public – they claim it is not posturing.”

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