SILVERSTONE “will definitely drop” the British Grand Prix due to spiralling running costs.

A senior member of the British Racing Drivers Club, who own the Northamptonshire circuit, said:

3 Silverstone...it looks like curtains for the British GP Credit: PA:Press Association

“They will definitely drop the grand prix and see what is going to happen over the next two years.

“It’s a two-year notice period. They will have to give notice. There is no question about it because it is not affordable.”

The British GP has latterly been held at Silverstone since 1987 and the track has a contract to stage the race until 2026.

3 Memories are made of this...Lewis Hamilton surfs the crowd after another British GP triumph Credit: Getty Images

Earlier this month the BRDC revealed they are considering activating the notice clause before this year’s July race.

F1’s billionaire boss Bernie Ecclestone hopes to keep the race on the calendar and has “two other opportunities in England” to replace Silverstone.

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He has not said where they are but one possibility is Donington in Leicestershire, which made a failed bid to host the British GP in 2010.

Brands Hatch in Kent has planning permission issues which rules it out of contention.

Donington, last home to an F1 race in 1993 when Ayrton Senna won in torrential rain, was bought last week by ex-F1 driver Jonathan Palmer, who is also bidding for a lease on Silverstone.

3 Stirling Moss recalls the first British GP and is still a regular visit to the circuit Credit: AP:Associated Press

The British GP is the only one of F1’s 20 race hosts which does not get any government support and the BRDC has made combined net losses of £47.6million over the past five years.

Their president, former F1 driver Derek Warwick, said: “I have just got a feeling we cannot do without the British Grand Prix, we cannot do without Silverstone.”