“This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract,” said BRDC chairman John Grant.

“We sustained losses of £2.8 million ($3.8 million) in 2015 and £4.8 million ($6.1 million) in 2016, and we expect to lose a similar amount this year.”

The decision is also bad news for British motorsport as Silverstone is currently the only UK circuit with the necessary classification to host F1 races.

The British GP typically attracts more than 350,000 spectators over the course of a race weekend — making it the best attended F1 race in the world — as well as a global TV audience of over 400 million.

In 2009, a deal struck with F1’s previous owners stipulated a promoter’s fee should be paid by the BRDC to host the British race.

However, under the terms of the contract, the promoter’s fee has been increasing by 5% every year and the BRDC says it has now reached a “tipping point.”

“We can no longer let our passion for the sport rule our heads,” said Grant.

“It would not only risk the very future of Silverstone and the BRDC, but also the British motorsport community that depends on us.”

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