Silverstone Circuit bosses at the British Racing Drivers Club are expected to rip up their F1 British Grand Prix contract within days.The London Sun newspaper reports that the call to cancel the. Under the terms of the deal, which runs until 2026, while the original race in 2010 cost £12m to stage, an annual increment of 5% means that by 2026 this will have risen to £26m.

The BRDC had made its concerns known to Formula One's new owner, Liberty Media, before making its decision.

"We will negotiate in good faith and in private with the sponsor in order to arrive at a fair settlement", read a statement released by F1. We have to stop losing money", he added."We can no longer let our passion for the sport rule our heads. Silverstone's owners, the BRDC (British Racing Driver's Club), have been saying for a while now that they can not afford to fulfil the terms of the contract they signed with Bernie Ecclestone in 2009.

Horners says the decision to exercise its break clause risks the race being moved to a London street track.

Losses - worth S$13.52 million - the British Racing Drivers' Club sustained from holding the British GP the last two years.

Chase Carey (C) and Sean Bratches (R) will experience their first British GP this weekend, while Ross Brawn (L) returns to Silverstone. "If they want to have a conversation with me, I'm really happy to talk, listen, and work with them to make it happen". Much of that loss stems from an escalator clause within the BRDC's contract with Liberty Media, which has seen its fee to host the race increase faster than inflation since the 2009 contract was signed.

Speaking to Sky News' Ian King, Sir Jackie insisted the United Kingdom can't afford to lose the race as he highlighted the 143,000 people employed in the F1 industry in the country.

"My view is Liberty should buy Silverstone", said Brown (pictured).

"They've created a paddock that has zero atmosphere at one of the most historic race tracks in the United Kingdom so there was some serious misjudgement and management, one would say".

However, London mayor Sadiq Khan it is said would consider the pollution ramifications if approached formally about such a possibility. At the following race in Austria, the team was fored to change a gearbox on the No.44 vehicle, relegating Hamilton five places down the grid.

"Should it withdraw from the sport, it would mark the first time since 1950 that the calendar had not included a race in Britain", says the Telegraph.