The BRDC, owners of the Silverstone circuit in the UK have confirmed that they are considering terminating their contract to host the British Grand Prix as a result of the rising costs involved in hosting the Grand Prix.

In a letter to BRDC members, chairman John Grant stated that he wanted to preserve the British Grand Prix but that they are also looking at giving their notice that they will no longer host the race saying:

the Board is considering whether we should give notice before the 2017 BGP (as required) of our intention to exercise the break clause in the BGP contract at the end of 2019.

“This is not a simple decision, and we will consider fully all the implications before coming to a conclusion by mid-year.

Former BRDC Chairman and triple Formula One champion Sir Jackie Stewart has said that if Silverstone were to lose the British Grand Prix that it would result in job loses eventually and he believes that the reason Mercedes don’t build their Formula One cars and engines in Stuttgart is because the people are in the UK who can do that.

Eight of the eleven Formula One teams are based either in or around Silverstone providing thousands of jobs by directly and indirectly to the local community.

Formula One supremo Bernie Ecclestone has said that it doesn’t matter if Silverstone end their contract as he has already been contacted by two circuits wanting to take their place.

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