A deal confirming that the British Grand Prix has been saved could be announced on Wednesday.
PA understands that Formula One and Silverstone are putting together the finishing touches on a new contract which would guarantee the future of the sport’s oldest race.
As it stands Sunday’s round at Silverstone is set to be the last staged at the Northamptonshire track unless a fresh deal is agreed.
Sources close to the negotiations have said that the financial side of a new agreement have now been settled, and although the contract has yet to be signed off, both parties are working together to iron out the final terms.
While Silverstone remains hopeful of getting the deal over the line before this weekend, they will not be rushed into an agreement unless all of the details are to their suiting.
The future of the British Grand Prix has hung in the balance for two years after Silverstone triggered its release clause in the hope of brokering a better deal.
Their current contract, struck with former F1 supremo Bernie Ecclestone, includes a five per cent annual increase which would have escalated the hosting fee to £26million by 2026.
While the race at Silverstone attracts 350,000 spectators over the weekend – with a record crowd in excess of 140,000 expected through the turnstiles on Sunday – the staging fee was making the event untenable.
The track hosted the inaugural Formula One world championship race in 1950 and has been the British Grand Prix’s permanent home since 1987.
McLaren driver Lando Norris, ahead of his maiden home race, told the BBC on Monday: “A lot of people would be hugely disappointed if there wasn’t a British Grand Prix, especially at Silverstone.
“It is such an iconic track with so much history. For a lot of drivers, Silverstone would be their number one circuit. It would be a shame if we didn’t race there again.”
Lewis Hamilton will be bidding to win his home race for a record sixth time on Sunday.
The world champion holds a 31-point lead over Mercedes team-mate Valtteri Bottas as he bids to secure a sixth title.
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“I’m leading, he wants to pass. He pushed me off the track. It’s not fair,” an infuriated Max Verstappen explained.
Asked about the same incident moments later, Charles Leclerc shrugged and responded: “Nothing [happened], just an incident in the race.”
They were only 14 years old when TKartMagazine got a quick line from each of them after a heated race of the WSK Euro Series in 2012 but a fierce rivalry had already materialised.
Fast forward seven years and the two drivers have upgraded from go-karts to the finest machinery in motorsport but the dialogue remains eerily familiar, apart from the fact that they swapped lines.
Verstappen’s gutsy overtake in the penultimate lap of the Austrian Grand Prix denied Leclerc his maiden Formula One win last weekend. The two bumped wheels and the Monegasque found himself off the track, questioning the legality of the manoeuvre.
It was hard racing, sure, but within the confines of the regulations – a conclusion the FIA stewards eventually arrived at after over three hours of deliberations.
It meant Verstappen would keep the victory at Red Bull’s home circuit ahead of a seething Leclerc and just like that, we may have had our first taste of F1’s next great rivalry.
The narrative at Spielberg was laid out early that weekend with Leclerc dominating the time sheets in practice and storming to pole in qualifying. A penalty for Lewis Hamilton dropped him down to P4 which saw Verstappen join the Ferrari driver in the front row – the youngest in F1 history.
Hopes of the two battling it out during the race suffered a huge blow after the Dutchman’s catastrophic start but in high temperatures, tyre strategies proved crucial and the Red Bull driver benefited.
There was still an extraordinary amount of work for Verstappen to do though and he had to access every last bit of his immense talent to work his way up the order in a scintillating drive that produced a series of fastest laps.
Leclerc was flawless all weekend but with the win in his sights, he suddenly had Verstappen all over his gearbox heading into the last few laps.
Cheered on by his adoring Orange army, the Dutch star pulled off a stunning move to pass his old foe and take the chequered flag.
It was a tremendous display from a phenomenal driver who has been pegged as a future world champion – and quite possibly the youngest – ever since he won his maiden Grand Prix in Spain three years ago on his Red Bull debut at the tender age of 18.
But in Leclerc he finds an equal who has as much chance as he does of beating Sebastian Vettel’s record (23 years and 134 days old) given that both drivers are 21 and born within three weeks of each other.
Though Verstappen’s eye-catching overtakes in Austria were sublime, they shouldn’t take away from Leclerc’s superb drive.
The Frenchman never put a foot wrong and the manner in which he fended off Verstappen with far more degraded tyres than his counterpart for a couple of laps before eventually succumbing in lap 69 was utterly brilliant.
In lap 67, Verstappen looked to pounce coming up to Turn 3 but Leclerc occupied the middle before shutting the door on the inside as they rounded the corner.
The following lap, at the same juncture, Verstappen dove early down the inside but having been afforded the space, Leclerc recovered superbly. Quicker on the throttle, he accelerated out of the turn to get back in front before braking late into Turn 4 to deny the advancing Verstappen again.
It won’t get the credit it deserves but that show of resistance was star quality.
If nothing else, it proved what a gifted driver Leclerc is and one worthy of going wheel-to-wheel with Verstappen at every opportunity.
It’s too early to suggest this rivalry is the next Ayrton Senna versus Alain Prost, ludicrous even.
However, the feud has long since been bubbling under the surface and may have reached a simmer after temperatures were raised in Spielberg.
Now there’s inevitability about it boiling over. Watch this pot.
Lewis Hamilton does not expect Mercedes’ lacklustre showing in Austria to derail his championship charge.
After being passed by Ferrari’s Sebastian Vettel on the penultimate lap at the Red Bull Ring, Hamilton took the chequered flag in fifth, marking the world champion’s worst finish in more than a year.
The Briton had to lift and coast throughout the race due to his Mercedes engine overheating in the extreme heat. Hamilton’s race was also hampered when he ran over the kerbs and had to stop for a new front wing.
Hamilton, however, will head to his home race at Silverstone in a fortnight’s time with a 31-point championship lead over Mercedes team-mate Valtteri Bottas.
“We have not had any problems up until this race,” said Hamilton after his Mercedes team were beaten for the first time this year.
“The race in Budapest will be hot but I don’t think this performance will happen in a lot of places.”
Mercedes have dominated this season with six one-two finishes from nine rounds. This marked the first race Hamilton has failed to finish in the top two.
The five-time world champion added: “We knew it would be a difficult weekend, and it has been more painful than we thought but, as a team, we have not been complacent at all.”
Toto Wolff, the Mercedes team principal said: “From a fan’s perspective, this was a really exciting race to watch. However, from our team’s perspective, it was a difficult day.
“It’s clear that we have to fix our cooling problems for the coming hot European races.
“We knew that it was our Achilles heel and we were carrying the problem since the beginning of the season.
“We tried to work on mitigating the performance loss but in the end it was really painful to watch them cruising, not being able to defend or attack.
“But the bad days are the ones when we learn the most to come back stronger.”
Provided by Press Association Sport