2019 could be the a year ago of the British GP at Silverstone

Silverstone's owners the British Racing Drivers' Club (BRDC) announced they were triggering a break clause in their 17-year contract.

Grant added: "Our membership is fully aware of the financial challenges facing the BRDC and Silverstone, and the risks we have taken as an organisation to keep going up to this point".

"Despite being the most popular weekend sporting event in the UK-with a live audience of over 350,000 attendees-the net revenue we receive is not enough to cover the Grand Prix's share of our overhead costs, let alone turn a profit", Grant told Motorsport.

The British Racing Drivers Club said it was no longer financially viable to host the race under the current contract and triggered the clause in the hope of brokering a more financially-viable contract.

The 2016 Formula One British Grand Prix gets underway on July 10, 2016.

It is hard to imagine they lose money putting 120,000 people in there, plus all the corporate tickets they sell during the course of a grand prix weekend.

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F1 Chairman Chase Carey told BBC Sport earlier in the week that it is his priority for Silverstone to continue hosting the event, but also indicated that there was "interest from other places, other United Kingdom options, that would have appeal". While there was originally a deal in place to host the race until 2027, the BRDC believes the current deal is unsustainable and has opted to end it in 2019. 'Until then, I'm away on a two day break. They have made it clear they want to preserve the important European Grands Prix.

It may seem odd the best attended grand prix of the championship - 350,000 will come to the four-day festival which starts tomorrow and the race itself will attract a worldwide TV audience of 400m - can not make ends meet.

There is also the possibility that a street race in London could be held instead, although the Mail says that remains "remote", even though the F1 cars "will perform in a promotional event around Trafalgar Square on Wednesday night". Liberty Media has stated that they wish to maintain a British event's presence on the race calendar, so the BRDC may soon have the upper hand in negotiations.

Hamilton had been expected to lead the billing in front of his home crowd as F1 takes over the capital for a demonstration run in the build-up to Sunday's British Grand Prix.

"I don't feel Formula One is winning, and it hasn't been for a long time", he was quoted as saying earlier this year.

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