Bernie gives Silverstone weekend deadline.

[grantp]

Originally Posted by JeremySmith

Where would government money come from then if it was not the taxpayers who supplied it?

The Govt. Slush fund - the Lottery.

Mind you they may have to drop a few overpaid advisors from the Olympic quango to free up the cash but ultimately I doubt anyone would notice.

[JeremySmith]

Originally Posted by grantp

The Govt. Slush fund - the Lottery.

Mind you they may have to drop a few overpaid advisors from the Olympic quango to free up the cash but ultimately I doubt anyone would notice.

There is enough money already flying around F1 to start it's own country, let alone up grade race tracks...

Let FOM and Silverstone do what they know has got to done, get it sorted!

[Marbot]

Originally Posted by JeremySmith

There is enough money already flying around F1 to start it's own country,

Rumour has it that Bernie will be looking to purchase a small country on his retirement.

But yes! The deadline has now long since passed, and hopefully someone found a ballpoint in the nick o' time.

[Moneyseeker]

Originally Posted by JeremySmith

Where would government money come from then if it was not the taxpayers who supplied it?

http://www.telegraph.co.uk/finance/e...onomy-1bn.html

This is where I am coming from...

Outside of teams and fans who do you think is the biggest beneficiary of the BGP? The UK government (the treasury). The VAT collected alone at the BGP from goods and services sold, plus the fuel bought by fans visiting the race must run into millions alone.

Let's say we can attribue £10M in tax revenue take to holding the BGP per year and say for example the government rebated Silverstone £2M (on top of general taxation received from them). As a taxpayer you are still up £8M on the deal as opposed to minus £10M.

Forget about BE and FOM for a minute, we are where we are with them and it won't get any better when he's not there. Once private equity got involved it became even more focused on money and level of return. Presumably their exit strategy will be to sell up at some point which will mean the same cycle starts again with another 'investor'.

We need to look at the bigger picture of preserving the event and I am suggesting that far from costing the tax payer money to support it, in fact it is bringing in money to the economy and revenue.

[EGG]

Outside of teams and fans who do you think is the biggest beneficiary of the BGP? The UK government (the treasury). The VAT collected alone at the BGP from goods and services sold, plus the fuel bought by fans visiting the race must run into millions alone.

The UK equivalent of the Reserve Bank/Federal Reserve would be exerting a vast amount of effort calculating how much free money people have (because spending it drives up inflation). I doubt a solitary day at the races would factor into this, if the F1 isn't on then those 100k people aren't going to spend the Sunday in bed, they'll find something else to do, or spend the money the next weekend, or purchase that whitegood they needed.

Usually the justification for government spending on GP races is tourism, which is a fairly difficult benefit to quantify - did tourism go up last year due to the GP? Or due to the nicer weather?

[Armco Bender]

If you can't hold such an important sporting event and not make a profit why actually bother?.....it is supposed to be a business afterall.

[p261brm]

[QUOTE=strider;2576350]Absolutely right. He never has had any patience with Silverstone/The BRDC.

Though the man remains a member of the BRDC, that is the part of this continuing saga I fail to understand either on the club's part or his. BE's problem is of course the teams with the manufacturers leaving he is up against a growing demand to retain the GP his one get out is no one wants to run the British Grand Prix. Has the little so an so have the support of Todt? I some how feel that the relationship will not be as close as the previous one. Turbulent priest and the ultimate answer seems the only way it will ever be settled.

[redshoes]

Originally Posted by Moneyseeker

http://www.telegraph.co.uk/finance/e...onomy-1bn.html

Interesting to note that the figure of £60m per year or £1bn over 17 years comes from F1’s own industry monitor Formula Money, so no vested interest there! I wonder if this calculation takes into account loss to the Treasury when the top drivers leave the country and become tax exiles.

Lets put this into context. The UK economy is running at around £350bn per year so the loss of £60m is barely a blip.

The public perception is that motorsports in general and F1 in particular is swimming in cash, plus most of this money would go straight into Bernie's back pocket. Politically this is never going to happen, and that's without getting into the eco argument about promoting the burning of more fossil fuels.

[foreversideways]

Originally Posted by redshoes

Interesting to note that the figure of £60m per year or £1bn over 17 years comes from F1’s own industry monitor Formula Money, so no vested interest there! I wonder if this calculation takes into account loss to the Treasury when the top drivers leave the country and become tax exiles.

Lets put this into context. The UK economy is running at around £350bn per year so the loss of £60m is barely a blip.

The public perception is that motorsports in general and F1 in particular is swimming in cash, plus most of this money would go straight into Bernie's back pocket. Politically this is never going to happen, and that's without getting into the eco argument about promoting the burning of more fossil fuels.

That was going to be my point as well. Thats like Gordon Brown saying he has been doing a good job and everything is great. F1 is really in a shocking mess, CVC can only just about manage to service the interest so they need more heavily subsidised circuits. There is no sign of payback for them in the future, it's a financial pack of cards waiting to fall. Ecclestone has no choice but to dump the British GP if they won't pay the rate he is asking as he is under pressure from CVC. Since he took control of F1 he has systematically raped it of it's money.

[Hubble]

Originally Posted by runshaw

If Silverstone fails then take it to Oulton Park, the best circuit in the country. F1 cars can fit in the garages there and there is a nice cafe at the back of the paddock.

I SO hope you were kidding there.......

[JimW]

Originally Posted by Hubble

I SO hope you were kidding there.......

Of course he is - none of us would want to see Oulton ruined.

Regards

Jim

[Hubble]

Originally Posted by JimW

Of course he is - none of us would want to see Oulton ruined.

Regards

Jim

TFFT!

[Last2LiftOff]

So all this is just chat then if the deadline's definitely passed finally. Okay.

Originally Posted by redshoes

Interesting to note that the figure of £60m per year or £1bn over 17 years comes from F1’s own industry monitor Formula Money, so no vested interest there!

Originally Posted by redshoes

I wonder if this calculation takes into account loss to the Treasury when the top drivers leave the country and become tax exiles.

With only a wee bit of discounting for any exiles being similarly successful doing some thing else.

Originally Posted by redshoes

Lets put this into context. The UK economy is running at around £350bn per year so the loss of £60m is barely a blip.

In that context then so is the funding shortfall - barely a blip.

Originally Posted by foreversideways

Ecclestone has no choice but to dump the British GP if they won't pay the rate he is asking

Well that can't be so.

Originally Posted by redshoes

and that's without getting into the eco argument about promoting the burning of more fossil fuels.

Or the future value of staging a GP like, say, an Instanbul.

[JimW]

Well, at least the multi-quote facility works.

Jim

[grantp]

Originally Posted by Marbot

Rumour has it that Bernie will be looking to purchase a small country on his retirement.

Well, if he hangs on or just a few years he will probably be able to pick up the UK for very little. Maybe even get a subsidy to take it away.

[MrTTraces]

Originally Posted by runshaw

If Silverstone fails then take it to Oulton Park, the best circuit in the country. F1 cars can fit in the garages there and there is a nice cafe at the back of the paddock.

Can't say that 'Cheggers' is a nice cafe, its an overpriced captive audience cafe.

I think bernies reasoning is this.. Why should I pay for something when i can get someone else to do so. Bernie says he would like a british gp but if the finance ain't there he'll move it to a country prepared to put up the dirty cash!

Sad but true.

[Last2LiftOff]

Yeah, does Jim. LOL.

I didn't say I agreed with any of it (the FOA's it). I'm still waiting for an official announcement on Monntreal, that's how out of date I am.

[old man]

Originally Posted by redshoes

..... plus most of this money would go straight into Bernie's back pocket.

This statement is simply not true, the money goes to CVC who use it to pay the interest on the money they borrowed from RBS and Lehman Brothers according to the article quoted above. And who owns RBS and the rump of Lehman?

Bernie sold the sport and was allowed to do so because his company had a deal to run it for 150 years, he now runs it for CVC and is paid to do so. With things as they are the British Goverment will not do anything as that nice Mr Mandleson already said. I vote we support Jeremy Clarkson's ideas for Mandy as detailed in the Sunday Times yesterday.

[Tim the Grey]

Do tell? I trust it involved a glass case suspended over Westminster Bridge, and lots of snakes and/or spiders?

[redshoes]

Originally Posted by old man

This statement is simply not true, the money goes to CVC who use it to pay the interest on the money they borrowed from RBS and Lehman Brothers according to the article quoted above.

Read the whole sentence - "The public perception is that ... most of this money would go straight into Bernie's back pocket."

Doesn't matter what is actually true, as far as most of the public are concerned, and that includes many of the people who actually follow F1, it's Bernie who is making the money.

[old man]

Originally Posted by Tim the Grey

Do tell? I trust it involved a glass case suspended over Westminster Bridge, and lots of snakes and/or spiders?

http://www.timesonline.co.uk/tol/com...cle6907747.ece

[Marbot]

The latest rumour is that Bernie is trying to get the teams to agree to a 20th GP (France) for next season. This will enable him to earn the required amount of money to keep CVC happy and enable Silverstone and France (not sure which circuit, but likely to be Magny-Cours) to go ahead on reduced payments.

[mickey29]

Just as a matter of (no) interest. I see that Moto GP has moved its date with Silverstone to the 20th June. This means a gap of 3 weeks until the mooted date for the British GP.

Putting 2 and 2 together and making 350, could this be utilising best resources for the 2 largest events on the calender, minimising hire charges for grandstands additional facilities etc?

As I said, purely speculating.

[MrTTraces]

Originally Posted by mickey29

Just as a matter of (no) interest. I see that Moto GP has moved its date with Silverstone to the 20th June. This means a gap of 3 weeks until the mooted date for the British GP.

Putting 2 and 2 together and making 350, could this be utilising best resources for the 2 largest events on the calender, minimising hire charges for grandstands additional facilities etc?

As I said, purely speculating.

A sensible option if it can be achieved.

[broadrun96]

Originally Posted by MrTTraces

A sensible option if it can be achieved.

Well that would eliminate the holding of the British F1 and MotoGP events close together. Could start a trend of actual cost savings at other tracks they share, and truly reducing costs with a plan isn't what they seem to want.