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MARCH 19, 2003

BRDC reacts to rumours

The British Racing Drivers' Club has given details of its relationship with Octagon Motorsports and its plans for the future.

The club says that on December 19 2000 it agreed a 15-year lease of Silverstone to Octagon Motorsports. The lease was underwritten by a guarantee from Interpublic, Octagon's parent company. The BRDC says that on many occasions senior personnel from Octagon/Interpublic have given "absolute undertakings" of their intention to honour that agreement and added that it has received no formal notification that Octagon intends to sell their commercial rights to the British Grand Prix.

The BRDC says it does not have the financial depth to operate an annual Formula 1 contract under the present terms and conditions on offer from Formula One Management, particularly without government support which, it says, "exists in most other host countries".