Formula One race track Silverstone is set to make a loss this year due to falling ticket revenues.
The Northamptonshire circuit saw a slight dip in attendance at this year’s British Grand Prix, with total spectators down by 1,000 to 139,000.
However, that drop was exacerbated by reduced prices, with tickets available from as little as £99 (€112.5m/$126.0m).
According to a report in the Daily Telegraph newspaper, Silverstone’s chairman, John Grant, said in a letter to the race track’s shareholders that because “ticket revenues were well down compared with last year’s strong performance,” he expects the circuit to make a loss this year.
“With an ever-increasing hosting fee, this means that the Grand Prix’s contribution to profit will be less than last year, so that we now expect… to make a loss for the year and miss the year-two target of [our] three-year plan,” he said.
The Grand Prix accounts for around half the £54.7m revenue of its parent company British Racing Drivers Club (BRDC). As the only Formula One track that does not receive government support, Silverstone must fund the estimated £20m hosting fee from ticket sales.
In the five years to 2015, Silverstone racked up £55.9m of net losses, which is why the BRDC is currently trying to raise funds by selling a 249-year lease on Silverstone.
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