The owners of Formula 1, Liberty Media, are close to agreeing a deal to keep the British Grand Prix at its current Silverstone home.
The US company bought F1 in 2017 for $8 billion and has wanted to take the sport to the streets of major cities across the globe. This includes seeing F1 cars race through the streets of London or Cardiff. The realisation of this goal has proved harder than anticipated however, and a proposed US GP in Miami has been postponed.
The company that owns Silverstone, the British Racing Drivers’ Club, has repeatedly threatened to pull out of hosting GPs after costs rocketed to a level that was no longer sustainable. It is thought however, that Liberty Media have proposed a deal that makes hosting the race worthwhile for the circuit.
“Silverstone has a value,” said a spokesman for the group. “Chase [Carey, chairman and chief executive of F1] wants to maintain the historic core of F1.”
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