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Silverstone defies trends with profits
Source: Agencies |
March 11, 2011, Friday
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WHILE other European Formula One circuits are feeling the pinch, the home of the British Grand Prix is bucking the trend and gearing up for growth.
Silverstone Managing Director Richard Phillips said that the former World War II airfield, owned by the British Racing Drivers' Club, made a profit of more than 2 million pounds (US$3.24 million) in 2010.
"Turnover in 2010 was around the 47-48 million pounds mark. This year we are targeting just over 52," he added after a tour of the new 27-million-pound pit and paddock complex under construction.
"It's a good healthy increase. We've been growing really about 14 percent a year over the last four years. If you go back to 2007, we were around mid-30 millions in turnover.
"I think we are probably the only privately-funded grand prix circuit that does make a profit in the world but the UK is quite peculiar because there is a huge motorsport following, there's a lot of industry here," said Phillips.
"We seem to be doing better than the Germans and French and Italians."
France has lost its grand prix and the Belgian round at Spa-Francorchamps has been financially troubled while the Nuerburgring and Hockenheim now share the German Grand Prix in alternate years.
Silverstone Managing Director Richard Phillips said that the former World War II airfield, owned by the British Racing Drivers' Club, made a profit of more than 2 million pounds (US$3.24 million) in 2010.
"Turnover in 2010 was around the 47-48 million pounds mark. This year we are targeting just over 52," he added after a tour of the new 27-million-pound pit and paddock complex under construction.
"It's a good healthy increase. We've been growing really about 14 percent a year over the last four years. If you go back to 2007, we were around mid-30 millions in turnover.
"I think we are probably the only privately-funded grand prix circuit that does make a profit in the world but the UK is quite peculiar because there is a huge motorsport following, there's a lot of industry here," said Phillips.
"We seem to be doing better than the Germans and French and Italians."
France has lost its grand prix and the Belgian round at Spa-Francorchamps has been financially troubled while the Nuerburgring and Hockenheim now share the German Grand Prix in alternate years.
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