Silverstone turns £600,000 profit
Silverstone turned a profit of over £600,000 in 2008
Wednesday, 21, Oct 2009 02:31
By Adam Leveridge.
The owner of the Silverstone circuit has announced that it achieved a profit of £662,000 in 2008.
Silverstone Holdings' profit figure is based on a turnover of £38.2m and includes income from race meetings held at the circuit, including the British grand prix, and property assests.
The circuit, which has been owned by the British Racing Drivers' Club (BRDC) since 1971, lost the rights to host the British round of the formula one world championship to Donington Park last year.
"We are very happy with our latest figures," said Richard Phillips, managing director of Silverstone Holdings.
Phillps said that the company had made significant strides forward in "diversifying the business into a successful multi-purpose venue" delivering consistently good financial results.
"Silverstone is the UK's premier motor sport venue, run by one of the most experienced teams in the business, as evidenced this year by our hosting of the most commercially successful formula one grand prix on the calendar," he continued.
"The margins in motorsport are notoriously slim, but we remain one of the few venues in the world that produce a small profit from our blue-riband event."
Until recently, it looked as though F1 would return to Silverstone for next year's British grand prix.
However, Donington has now released a financial plan for the development of the circuit and everything now hinges on whether construction at the circuit can be completed in time for the event, which is scheduled for next July.