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LONDON (REUTERS) – Formula One welcomed Vietnam as its newest race on Wednesday (Nov 7) while reminding some of the older, British Grand Prix hosts Silverstone in particular, that they could take nothing for granted.
"We're a 68-year-old entity and the nature of great racing," Formula One's commercial managing director Sean Bratches said in April 2020.
"Silverstone was the first grand prix, but we have not raced at Silverstone all those 68 years." The race has been held at Brands Hatch and other comers, "he said in a Formula One question and answer.
"Nothing is immutable in this sport in which we race," he added, "if the prices could be moved from their traditional homes to a city street circuit elsewhere in the country.
Silverstone, owned by the British Racing Drivers' Club, is out of contract after next year's race having a breakout for financial reasons and a better deal.
Talks between the two sides remain ongoing.
The circuit has boasted sell-out crowds, with some 140,500 fans turning up this year for a grand prix that is home to five-time and reigning world champion Lewis Hamilton, and a majority of the teams.
Bratches said the sport and valued to keep the 'heritage races' – such as Silverstone, Spa and Monza – and recognised their importance to fans.
"But we are a business," he added. "We are a public company and we have a lot of stakeholders and shareholders we are trying to marry what's best for fans with running a successful business." Formula One has 21 races confirmed for 2019, but Germany's Hockenheim will also be out of contract with Italy's Monza and Spain's Circuit de Catalunya.
Vietnam is the first race contract negotiated by Liberty media since the US-based company took over Formula One's commercial rights in January 2017 and ousted long-reigning supremo Bernie Ecclestone.
Bratches said Hanoi fit the new vision of the sport's owners, with another street in Miami also in the pipeline.
"One of the things we've been intensely focused on is spreading to iconic cities, in downtown areas, where we can best engage fans," he added.
"Most of our great prizes are currently in progress, and this year's race is in progress.
"Vietnam's concept of what great price racing should be about our vision for sport."
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