The British Racing Drivers' Club has denied reports it has already taken the decision to axe the British Grand Prix after 2019.

Earlier this week, British newspaper The Sun published a story headlined: "Silverstone 'will definitely drop' the British Grand Prix due to spiralling costs". The report by Christian Sylt quoted a "senior member" of the BRDC, who allegedly said "they will have to give notice, there is no question about it because it is not affordable."

However, in a statement issued on Friday night, BRDC chairman John Grant insisted that a decision will not be made until mid-July, adding that reports it will be "definitely" dropped were wide of the mark.

"Our objective is to preserve the British Grand Prix at Silverstone for many years to come but, of course, we can only do this if it makes economic sense," Grant said. "As I have said before, we will be considering over the next six months if we should give notice of our intention to exercise the break clause in our Grand Prix contract at the end of 2019.

"No decision has been made, or will be made, until mid-July. In the meantime, we will be using this period to explore with all interested parties, hopefully in private, various ways in which we might work out a more sustainable proposition."

Silverstone has a contract with Bernie Ecclestone's FOM to host the British Grand Prix until 2026, although a leaked letter circulated to BRDC members on December 19th and made public at the start of this month, said consideration should be given to activating a 'break clause' that would see it host the event for the final time in 2019 as otherwise it will put the venue at 'potentially ruinous risk'.

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