Drama in Formula One has been present since the coronavirus pandemic broke out worldwide. Multiple locations that host F1 Grand Prix’s have become financially demanding amidst the virus, hoping to force more money from the Formula International Association. This would off-balance the associated losses obtained during the pandemic period.
Rumours were circulating that tensions with these various circuits were growing, with that tension now being confirmed. It was revealed that the Silverstone Circuit and Formula International Association could not agree on the associated cost for hosting the British Grand Prix. Sources close with the FIA iterated that Silverstone requires £15 million to host each of the back-to-back races.
Considering this is the same valuation Silverstone is supposed to pay to the FIA, this circuit is trying to blackmail the FIA into both parties not being charged. Ignorant business practices from Silverstone follow after Formula One publicly announced that it’d cover the associated expenses with operating this Grand Prix, ensuring minimal costs to the circuit.
It’ll be interesting to see how Formula One reacts to the ignorant practices of Silverstone. F1 also offered to pay 25% the associated losses on ticket and vendor sales, meaning upwards of £20 million would’ve been donated to the circuit. Most motorsport analysts expect a severe fallout from the decision of Silverstone Organizers. This circuit has been the home base for F1 since it’s inception in the 50s, with both parties showing loyalty to one another. Seeing that loyalty turned amidst unexpected losses will come as severely disrespectful to F1 Organizers.
That offensive reaction could already be present, with insiders mentioning that Silverstone has lowered their respective hosting price. That individual clarified that multiple problems still must be solved, with the two entities being considerably far from reaching an agreement. Formula One hasn’t provided insight into this situation, with Silverstone PR Representatives revealing the secretive details to public news outlets.
It’s also rumoured that similar issues are following with Germany, Italy, and Spain. There are still loyalist circuits to the FIA, with Austria and Zandvoort waiving a hosting fee for 2020.