• Derek Warwick believes there is a desire on both sides to keep F1 race there • ‘Liberty don’t want to lose Silverstone and the British Grand Prix’

Derek Warwick, president of the British Racing Drivers’ Club, the owners of Silverstone, has said he is confident there will be a long-term future for the British Grand Prix at the circuit after Liberty Media’s completion of its takeover of Formula One and the enthusiasm expressed for the meeting from the new chief executive, Chase Carey.

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Silverstone had warned recently that it may have to drop the race after 2019 because of the potentially ruinous costs of hosting it. However, speaking on the subject since Liberty Media – which has now been renamed the Formula One Group – took over, Warwick was optimistic that a deal would be reached with the new owners.

“We cannot carry on the way we are,” Warwick said. “We have to look at different revenue streams, we have to look at a different contract to the one we have at the moment to extend beyond 2019. There will be a way because Liberty don’t want to lose Silverstone and the British Grand Prix and we don’t want to lose it, there has to be middle ground for all of us. If you have two willing partners there will be a way to move forward, we will find some common ground.”

Carey took over from Bernie Ecclestone on Tuesday and immediately launched a charm offensive with positive messages about his group’s plans for F1. He insisted the British Grand Prix would remain on the calendar and made a point to emphasise that the classic European venues and the tradition they bring was what attracted new circuits into the sport.

However, he couched the assurances with the caveat that they would not be more “affordable” but rather that the aim would be to make them more successful and profitable.

Reducing the hosting fees then, one of the three biggest sources of income for F1, was not part of his plan for the future. The race fee is estimated to be £17m this year but the current contract includes an escalator clause that ensures it increases each year.

Warwick, who has spoken with the Formula One Group and will do so again in the near future, believes that although race fees may not change, there will be a framework around which the circuit can ensure the race’s future. “We are excited by the change of management,” he said.

“With Ross Brawn and Chase Carey and Liberty they won’t be a pushover, they are in it to make a return for their shareholders, we understand that but if we have an opportunity to make this work we will use it.

“We don’t think our sanction [race] fee will change, therefore we have to find a better way of increasing our revenue within the grand prix.

“Under our current contract the only way we can make money out of a grand prix other than concerts is ticket sales. Chase is saying other circuits have slightly different contracts to ours so there are other opportunities we can use to increase our revenue. He is saying he is going to change the way we can earn more money from the grand prix.

“Maybe we can have more pitwalks, bigger concerts, more sponsorship – maybe we can name corners. There are things we can change which we haven’t been be to do under the current contract.”

Warwick also cited corporate hospitality and the escalator clause as areas that could be examined. The track has new management in place now and having enjoyed record sales for both F1 and MotoGP in 2016 is already ahead of those sales at this time last year, when 139,000 fans attended the British Grand Prix. In those terms it is already one of the most successful in the world. The task to ensure it remains as such is one Warwick is eager to pursue, but he understands that the process is just beginning.

He said: “We can’t change these things overnight but that is why Ross is saying there is a three to five year plan. But we believe we will find a way now of going forward and finding a way to carry our contract on. Because it important to us, important to Liberty and its important to the British fans. To not have a British Grand Prix is just unthinkable.”

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Despite having a difficult relationship with Ecclestone in his previous negotiations with the former chief executive, Warwick, who drove for Ecclestone’s Brabham in 1986, also expressed his sadness at his departure and paid tribute to what the former chief executive had achieved. “F1 would not be what it is today without Bernie Ecclestone,” he said. “We would still be working out of snap-on tool boxes at the end of the pit lane.

“His commitment, desire, focus and love for our sport has been unbelievable for 40 years. Although he and I and Silverstone have had some massive conversations over the last 10 years that has not changed my opinion of him. He is hard task master and he extracts as much as he can from his contracts but if we are prepared to sign them, that is us committing to the contract. There are a lot of people who are very saddened to know that he is not around any more.”

Nonetheless he also believed that Ecclestone’s departure was in Silverstone’s favour. “It was probably the right time for Bernie to step aside. It’s great we now have new opportunities and new energy to take us in a new direction. “It seems from initial conversations that Liberty are more flexible in looking at ways for the British Grand Prix to succeed.”