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Silverstone confirms profits in excess of £2 million

Richard Phillips: I think we are probably the only privately-funded grand prix circuit that does make a profit in the world but the UK is quite peculiar because there is a huge motorsport following, there's a lot of industry here.

Silverstone managing director Richard Phillips has confirmed the Northamptonshire-based circuit, which is the home of the British Grand Prix, made a profit in excess of £2 million in 2010.

Speaking to Reuters, he added he was optimistic that turnover would continue to increase in 2011 too, with the new pit and paddock development - the 'Silverstone Wing' – set to be opened in May, well in advance of the F1 event on July 10.

“Turnover in 2010 was around the £47-48 million mark. This year we are targeting just over 52,” he confirmed. “It's a good healthy increase. We've been growing really about 14 percent a year over the last four years. If you go back to 2007, we were around mid-30 millions in turnover.

“I think we are probably the only privately-funded grand prix circuit that does make a profit in the world but the UK is quite peculiar because there is a huge motorsport following, there's a lot of industry here.

"We seem to be doing better than the Germans and French and Italians,” he summed-up.




Related Pictures

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Richard Phillips, Silverstone MD
Silverstone`s new pit and paddock development is to be known as the `Silverstone Wing` after a competition allowing race fans to come up with a name   [pic credit: Silverstone/Gosling]
Race, start
Race, start
Silverstone GP Preparations  British Grand Prix, Formula 1, Silverstone, England. 8-11 June 2006

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