British Grand Prix set to be 'free of bank debt' despite UK's economic crisis

The British Grand Prix is set to take place this weekend, with the historic venue set to host a Formula 1 race next week as well. Mercedes F1 driver Lewis Hamilton will be looking to extend his lead at the top of the standings as he closes down on Michael Schumacher's record. While Hamilton and Mercedes look to continue their momentum, reports coming out of the UK indicate that the British GP is set to be 'free of debt' despite coronavirus ravaging the country's economy.

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F1 news: British Grand Prix reduces its bank debt to zero

With financial uncertainty the norm of the day as the country suffers from the UK corona cases, the organisers of the British Grand Prix have shared a positive piece of news with Formula 1 fans. Forbes explained this week how the British Grand Prix managed to reduce its dependence on bank money. The British Grand Prix is organised by the British Racing Drivers' Club (BRDC). It is a group of more than 800 autosports personalities such as reigning F1 champion Lewis Hamilton and Mario Andretti, amongst others. 

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It is the efforts of the BRDC that have helped the British Grand Prix achieve the impressive financial feat. After the coronavirus pandemic prompted Formula 1 to be held without fans, Silverstone had offered to refund ticket holders or adjust their booking into the 2021 season. However, BRDC's chairman John Grant had written to the club’s members, requesting them to not claim the refund to help the club financially. In a later email, John Grant mentioned that his call to help the British Grand Prix financially had been heard, with the chairman sharing how the cash position of the Grand Prix was helped as a result.

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The British Grand Prix relies heavily on cash received from advance ticket sales to fund its operations, and the decision by BRDC members to not ask for a refund and reschedule their tickets to next season has proven to be a masterstroke. Talking about the financial situation, Grant discussed how they are fortunate to have entered the coronavirus crisis in the strongest position they have been for years. While the situation is still dire financially, the lack of bank debt will allow the organisers room for borrowing more if they face a shortage of funds in the future. Grant concluded that the BRDC is well-positioned to manage their way through a challenging 12 months and hopes that the worst of the UK corona cases is behind them now.

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