SportBusiness.com

IPG – which owned the rights through its wholly-owned subsidiary Silverstone Motorsport Ltd – paid the cash to exit the deal next year. The full contract had been due to run until 2015.
Said David Bell, IPG’s CEO: “From the point at which I was asked to lead this company, I have made it clear that it is inappropriate for us to be involved in owning or operating venue-based motor sports businesses.”
Late last year he authorised the sale of four UK race tracks, which along with the Silverstone lease, used to make up the ill-fated Octagon Motorsports, which proved such a drain on IPG’s finances in 2002.
However, Silverstone Motorsport will continue to manage the race track, which it leases from site owner the British Racing Drivers’ Club, until at least 2007.
Said a statement from Silverstone Motorsport: “The Interpublic Group of Companies has announced a deal with Formula One Administration Limited for the early termination of its British Grand Prix contract from 2005 onwards.
“Its lease of Silverstone circuit from the British Racing Drivers' Club (BRDC), the landowner, remains in place. There is no change to the status of Silverstone Motorsport Ltd.”
It confirmed the 2004 Grand Prix continues unaffected by the decision.
In a statement, the BRDC gave a cautious welcome to the news: “In the expectation that Mr Ecclestone wishes to retain the British Grand Prix at Silverstone, we welcome the acquisition of the rights to the event by FOA.
"We look forward to hearing Mr Ecclestone's plans for the future success and stability of the British Grand Prix."
Quite what Ecclestone’s plans are remains to be seen. He has frequently criticised Silverstone – but has also invested heavily in the circuit.
There is a very real danger of the UK losing its Grand Prix as Ecclestone looks further afield to help boost the sport, especially in territories which allow tobacco advertising.