Silverstone set for bumper revenue after record attendance
The home of the British Grand Prix, Northamptonshire's Silverstone Circuit, is set to report record turnover of almost £60 million for 2018.
The circuit benefitted from a record crowd of 140,500 for 2018's Formula 1 British Grand Prix – with a combined weekend total of over 340,000 – which contributed roughly half the circuit's £59.3m turnover.
However the circuit is expected to post a small profit of just £400,000 – which is a 21 per cent decline on 2017.
According to The Telegraph, this drop was driven by a loss of £2.6m incurred by the BRDC over the sale of its Lotus dealership.
The cancellation of its MotoGP round due to heavy rain also saw it take a major financial hit, with refunds due to some 40,000 fans, which cost the circuit £1.6m despite insurance covering much of the associated costs.
A jump in the cost of hosting F1 also hit the finances, with the fee rising by £800,000 to £18m.
It's not all doom and gloom though as the BRDC, which owns and controls the track, said its financial results "exceeded its target significantly" and its 2019 results should see a major improvement with another record breaking F1 race under its belt which saw 141,000 in attendance, followed up by a packed MotoGP race.
The circuit has also successfully renewed its deal to host F1 until 2024 at a reduced cost of around £4m annually.
2020 ticket sales are also up on the same time last year and a new hotel is set to open opposite 'The Wing' pit and paddock complex.