SO... As expected, Silverstone's owners have today filed their break clause with FOM to break their contract to host the British Grand Prix after the 2019 race.
After making a loss of 7.6million pounds hosting the race over the last two years, it was clear that running it with a continuing fee escalator was not going to be viable as you can't keep putting prices up or increasing the numbers of available tickets. As I write this now on the Tuesday before the GP there are still tickets available now.
So its clear something had to give. Silverstone will have asked FOM to review their agreement but there is no way that they can re-negotiate mid term without every other venue in the world wanting better terms.
The only way forwards was to break the contract at the mutually agreed point and commence talks towards a new contract with better terms for all.
Let's be honest there isn't anywhere else in the UK suitable to hold the race (although a street race around the English Riviera - Monaco style would make me happy). F1 belongs at Silverstone.
All in all it's in everyone's best interest to get a new deal together that works for everyone. Britain has to have a GP, and that has to be at Silverstone. So don't be down, F1 will be back, when a good deal is fixed for all