Ecclestone doubts future of British Grand Prix

Bernie Ecclestone has cast new doubts over the future of the British Grand Prix. Octagon Motorsports, who run the Silverstone circuit, recently reported losses of more than £80m for the fourth quarter of 2002. The parent company, Interpublic, responded by announcing that they are pursuing an "exit strategy" that could see Octagon sold off for less than their present £43m valuation.

Octagon hold the rights to run the British Grand Prix, but Ecclestone, who controls Formula One's broadcasting rights, apparently fears that a sell-off could cause complications for the event, which is at the centre of a complex series of contracts and agreements.

Ecclestone has called on the British Racing Drivers' Club to once again organise the event and blamed their cash demands for putting the race in jeopardy.

He said: "The BRDC should run the race and be the promoter. We did a contract with them that was very cheap for them to run. Once, the idea was to sell Silverstone. But they decided not to do it – and got someone to rent it out. If the British Grand Prix disappears from Britain, it will be because no one can afford Silverstone's rent. If someone buys Octagon, whatever its assets and liabilities are, they will assume them. So either Octagon will run the race or someone else will."

The BRDC chairman and former grand prix driver, Martin Brundle, insists Ecclestone's criticism of his organisation "is absolutely not correct".