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F1 Boss: London Grand Prix under threat

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Formula 1 boss Bernie Ecclestone’s says that his dream project under, because the event is unlikely to get multi-million support from government. Also he added that must Formula 1 need government financial support for London GP.

The F1 boss also hints it was a big problem, last he was proposed £35m project the world’s biggest motor racing grand prix in London, with the circuit taking in some of the capital’s most well-known landmarks, as well as Buckingham Palace and Trafalgar Square.

“I don’t think the government would be prepared to put the required amount of money behind it,” Ecclestone told City AM.

“We would make a large contribution towards the race,” Ecclestone added. “That is whatever it takes to get it done with all the permissions. We could help the government and council with their costs.”

Formula 1 Official right holder thinks that following successful London Olympics should remind government of the value of staging privileged sport.

“I think they did a good job with the Olympics,” Ecclestone said.

“It is the first time I have been proud of England. They showed that England can do it if they have to. The population was behind it. I just think that Formula 1 could do the same job for a lot less.

“Let’s look at the worst-case scenario, which they wouldn’t need to, and say a race in London costs them $50m (£31m) a year. Over 10 years that is $500m (311m). What is that as a percentage of the £10bn they spent on the Olympics? And you are going to get good coverage for 10 years.

He added “When you think really and truly, the F1 industry is British. We have won more world championships [than the foreign teams] and it is not government supported at all.

“The Olympics got incredible coverage in England. They got 28m viewers for the opening, which is near half the population, so it was good. And even that guy who ran very quickly, 22m watched him. It is unbelievable.”


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