Page last updated at 10:02 GMT, Wednesday, 21 October 2009 11:02 UK

Silverstone circuit turns profit

Silverstone
Silverstone has been a sell-out for the British Grand Prix

The owner of the Silverstone racing circuit has reported an operating profit of £662,000 ($1.1m) for 2008.

Silverstone Holdings' profit figure, to 30 December, is based on a turnover of £38.2m at the Northamptonshire circuit.

It includes income from racing at the circuit, such as the Formula 1 British Grand Prix, and from property assets.

The circuit, which has been run by the British Racing Drivers' Club (BRDC) since 1971, will be replaced as host of the British GP by Donington next year.

'Slim margins'

The BRDC is the sole shareholder of Silverstone Holdings.

"We are very happy with our latest figures," said Richard Phillips, managing director of Silverstone Holdings.

He said they had made strong progress in "diversifying the business into a successful multi-purpose venue" delivering consistently good financial results.

Silverstone
Silverstone is being replaced as the host of the British Grand Prix next year

"Silverstone is the UK's premier motor sport venue, run by one of the most experienced teams in the business, as evidenced this year by our hosting of the most commercially successful Formula 1 Grand Prix on the calendar.

"The margins in motorsport are notoriously slim, but we remain one of the few venues in the world that produce a small profit from our blue-riband event."

He said the circuit had an investment plan in place which made it confident about the future, despite the Formula 1 race moving to Donington next year.

In August, a meeting of the BRDC decided to seek outside investment for the first time in 38 years to try to win back the British Grand Prix.

Members also voted to allow external investment to improve infrastructure, related technologies and training.



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