The future of the British Grand Prix remains in doubt despite suggestions from Formula One’s chief executive, Bernie Ecclestone, that two circuits had been in contact regarding holding the race.

Silverstone’s owners, the British Racing Drivers’ Club (BRDC), were revealed on Thursday to be considering dropping the meeting after 2019 due to the cost. However alternatives are thin on the ground and several contenders have already ruled themselves out.

Future of F1 British Grand Prix at Silverstone in doubt over hosting costs Read more

The chairman of the BRDC, John Grant, told members of the “potentially ruinous risk” of hosting the race, saying that they have the option to leave their contract, which runs until 2026, in three years. Ecclestone responded by confirming there was a break clause but that he was keen to maintain the meeting and had been contacted by other tracks. Silverstone is the only circuit in the UK with the necessary grade one classification to host F1 and the difficulties for alternative venues are both technical and financial.

Three other British circuits currently have grade two status and would have to undergo considerable development. Donington Park, which won the right to host the grand prix in 2008 but had to pull out after it was unable to meet the £135m cost of redevelopment, has had no contact with Ecclestone and has no interest in holding the race. They confirmed to the Guardian: “The board has consistently made it clear that we have no intention of bidding for the British Grand Prix.”

The second circuit with grade two status, Rockingham Speedway, was equally unequivocal, with Peter Hardman, the chief executive, saying they had not approached Formula One Management (FOM) and have no intention of doing so.

The third, Brands Hatch, which co-hosted the race with Silverstone between 1963 and 1986, is part of the Motorsport Vision (MSV) group owned by the Renault driver Jolyon Palmer’s father, Jonathan, who has successfully developed it as a business. MSV declined to comment on any future plans nor whether they had been in touch with Ecclestone but any bid would still require a huge undertaking. Proposals to reprofile the circuit for F1 in the 90s fell through as did rebuilding when they won the right to host the race in 2002. These improvements would still have to be implemented, while the paddock facilities as they stand are extremely unlikely to meet the demands of modern F1.

Any track would still also need to pay the race fee, estimated to be £17m this year, into which FOM builds an escalator clause that sees it increase during the contract, a cost which despite attendances of over 130,000 for the past two years, has resulted in Silverstone considering pulling out.

The other touted option, the Circuit of Wales, is a project that has been in torturous gestation since 2011 and which still has yet to be built. It has the potential to reach Grade 1 standard but it would depend on the project moving forward with considerable alacrity, unlikely after the Welsh government refused to underwrite the project last year, although they remain in discussion with organisers and even given the partnership with the Extreme Sports Company the track announced on Friday.

The circuit declined to comment on whether they had been in discussion with Ecclestone, suggesting it might be one of the candidates he suggested.

However, the threat from Silverstone may yet prove to be the opening salvo in a bid to renegotiate their contract since Liberty Media’s takeover of the sport was accompanied by a commitment to ensuring classic venues remain on the calendar and reducing costs.

The former BRDC president Damon Hill has joined Jackie Stewart in calling for government assistance. “This is a much-loved national event but, for whatever reason, it has always been very difficult to get additional funding from government,” said the 1996 world champion. “Now is the time to look at the British Grand Prix in the context of what is happening elsewhere and realise that it is an extremely good shop window for waving our banner and pointing to our brilliance in this field.”