OCTOBER 5, 2004
No hope for the British GP?
Even if a deal can be found for the British Grand Prix in 2005 it seems that futue years are going to be a problem because Bernie Ecclestone is trying to do longer-term deals with the fees increasing at a rate of 10% per annum. There are reports of both five-year and seven-year deals being on offer.
"We offered Bernie an amount of money that was calculated to leave us in a forecast break-even position - or even a loss-making one," said Alex Hooton, chief executive of the BRDC. "We certainly weren't going to make a profit. We offered him an amount of money which fell short by a small amount. What we have had back is a number that we have to get to, plus he is now talking about either taking the Grand Prix from 2005 to 2012 or from 2007 to 2012. That is a whole new ball game. If you think about us entering into a seven-year commitment today - at a fee that we can't afford - and which increases at ten per cent per annum, we really would be betting the bank."
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