Organisers of Silverstone satisfied with financial future despite 2010 problems – Formula 1 news
It has been revealed that organisers of the legendary British racing circuit, Silverstone are happy with their financial future despite the fact that they paid taxes worth £1.9 million in 2010.
The turnout of the British Grand Prix increased noticeably in 2009 but deteriorated in 2010. The gross profits of the event were around £1.4 million less than they were in 2009 since the costs increased mainly due to the fact that the track was redeveloped
quite extensively which resulted in a loss of around £0.6 million.
“This was solely due to the combination of a shorter Formula One British Grand Prix sales cycle (tickets were on sale for 7 months, rather than 12 months), as well as an increase in costs associated with the new Formula One fee structure,” explained the
organisers of the venue.
According to the managing director of the Silverstone Holdings Richard Phillips, the company has been making some investments for the betterment of the future since the past year.
He claims that the organisers hoped to introduce the new pit and paddock complex earlier this year as well.
“The business is currently investing significantly in its future use and expansion. Accordingly, the 2010 financial results contained some exceptional preparatory and planning related costs. The underlying rental income and core costs remain strong and in
line with expectations. Our costs are well controlled and overheads remain in line with revenue levels,” he said.
Other than that, he added that Silverstone is one of the most unique and premier venues for motorsports and it is going to stay a part of Formula 1 despite the financial problems it is going through.
The British Grand Prix is expected to take place on the July 10, 2011 after the European Grand Prix and it is expected that most of the teams are going to bring some major upgrades for their respective cars at this event including Ferrari and McLaren.
The current scenario of the 2011 Formula 1 championship is going pretty much Red Bull Racing’s way so far but it is going to be interesting to see how Ferrari and McLaren manage to perform at the upcoming races.
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