Tuesday November 3, 2009
Minister: No bailout to save British GP
LONDON: British Business Secretary Peter Mandelson on Sunday urged motor racing chief Bernie Ecclestone to safeguard the future of the British Grand Prix, but said no state funds would be used to broker a deal.
Silverstone is back in pole position to host the 2010 race after rival circuit Donington missed a final deadline to show that funds for redevelopment were in place.
Ecclestone said on Friday it was now up to Silverstone to prove it could find the £12mil (US$20mil) to host next year’s race.
But Mandelson said he was not prepared to use taxpayers’ money to “bail out” such a wealthy sport.
“I’m not in a position to use taxpayers’ money to bail out what would be a sort of commercial venture in a very cash-rich sport,” he said.
“I can’t do that, especially during a recession, but he (Ecclestone) has my backing in what he’s trying to do.” — AFP
Sports Poll
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