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Last Updated: Tuesday, 6 July, 2004, 13:29 GMT 14:29 UK
BRDC regains Silverstone
Bernie Ecclestone
Ecclestone took control of the British GP rights earlier this year
The immediate future of Silverstone has been secured following the British Racing Drivers' Club's decision to accept 27m to take the circuit back.

The BRDC owns the Northamptonshire track but had leased it to marketing giant Interpublic.

Heavy losses on the British GP deal meant the American company paid Formula One boss Bernie Ecclestone to take the rights back earlier this year.

Now they have ended their lease on Silverstone three years early.

Interpublic was due to lease the facility until 2007 but have now agreed a package with the BRDC which will see them hand over control before the end of the year.

BRDC chief executive Alexander Hooton insists the organisation will not lose out significantly as a result of the agreement.

He said: "The BRDC will now regain possession of the Silverstone circuit no later than 15 December, 2004.

"In connection with the agreements reached, the BRDC will receive 27m in instalments.

"This figure broadly reflects the value of Interpublic's obligations through to 2007 and therefore the financial standing of the BRDC remains fundamentally unchanged."

GP rights change hands
20 Apr 04  |  Formula One
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25 Apr 04  |  Formula One

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