Silverstone set for bumper revenue after record attendance

Silverstone is the home of the British Grand Prix

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.