Twenty-two years ago, Bernie Ecclestone, the former chief executive of Formula 1, described Silverstone as “a country fair masquerading as a world event”.
The home of the British Grand Prix has changed dramatically over two decades. In February, a 10-year contract was signed with Formula 1 that will see the race on the calendar until 2034.
“By the end of these 10 years, I want Silverstone to be recognized as the global home of motor racing, not just the home of British motorsport,” said Stuart Pringle, chief executive of Silverstone, in an interview in March.
Silverstone has diversified its activities. It’s not just a motorsport track anymore. In 2011, it opened the Wing, a new pit-and-paddock complex with conference and meeting facilities. Eight years later, an interactive museum. A year ago, a hotel overlooking the start-finish straight welcomed its first guests. This month, 60 luxury private trackside homes will be available for booking. And there are plans to build an international-standard go-kart track.
“If you go back to when things were more difficult financially for Silverstone, a lot of that challenge was rooted in the fact that while we couldn’t make a lot of money from the Grand Prix before, we also couldn’t live without it. Pringle said.
“We recognized that it was a certain strength and a weakness and we needed other strings to our bow. So we started trying to diversify our business because we’re paying the cost of that huge overhead.”
The Grand Prix weekend is the beating heart of Silverstone. It had to move with the times, which began with the arrival of Liberty Media, which took over ownership of Formula 1 in 2017.
Pringle said Formula 1, under Liberty Media, was “very different to the previous ownership approach”.
“It’s given a more marketable product for promoters like us,” he said. “We have worked hard to make our business profitable, bring it back from the brink, stabilize it and chart a new course.
“We’ve had a little bit of luck along the way, if you call Liberty’s vision of ‘Drive to Survive’ luck,” he said, referring to the Netflix series about the sport. “It’s what a commercial rights holder should do, seeking to increase the value and awareness of their league, their product.”
Lewis Hamilton, a seven-time champion, said the British Grand Prix was “an amazing, unbelievable event”.
“You see it from above and for the whole event, the whole place is sold out,” he said. “So many fans come and have a great weekend.”
Looking ahead to the next 10 years, Mercedes’ Hamilton said Silverstone had to “keep an eye on ticket prices as they continue to rise”.
“With the cost of living these days, it’s too high,” he said. “I’m thinking from the fans’ point of view, someone with a family. It’s looking for ways you can make it more accessible for people.”
For two adults and two children over 11, general admission tickets cost 1,716 pounds, or about $2,160, and tickets for Sunday’s Grand Prix alone cost about $1,550.
Pringle said he was mindful of the honors, but racing was only one element of the weekend. Silverstone will become a music festival venue over four days, with Kings of Leon, Stormzy, Pete Tong and Rudimental performing. It will also feature a comedy club, featuring Russell Cain, Troy Hawke and Al Murray.
Silverstone must find a way to pay. “We want to unashamedly make the British Grand Prix weekend the biggest summer festival where it’s a world-class sporting event by day and a world-class music festival by night,” Pringle said. “And we’re well on our way to doing that.”
