The changing of the guard in London City Hall may prompt another attempt to get Formula One racing onto the streets of Britain's capital city, it has been rumoured.

According to grandprix.com, Boris Johnson's installation as mayor of London may tempt F1 ringmaster Bernie Ecclestone and entertainment impresario Harvey Goldsmith to resurrect plans for a grand prix in the heart of the capital after initial discussions with previous incumbent Ken Livingstone foundered on the grounds of cost.

After half a million people attended a pre-Silverstone demonstration on Regent Street in 2004, Livingstone was awakened to the potential for a race to mimic Monaco, but ultimately felt that the financial demands being imposed by Ecclestone were too high.

In order to minimise disruption to everyday life in the city, Livingstone had targeted Hyde Park as the best potential venue for the race and, while this remains a possibility for future proposals, Ecclestone and Goldsmith may also consider the nascent Olympic complex being constructed over 500 acres on the other side of town. The London Development Agency is currently pondering future plans for the Olympic Park once the 2012 Games are over, but the five major venues are expected to remain in situ to host sporting events. The Olympic Village will be turned into 4000 new homes, while other facilities are expected to be turned over to business. According to the report, a team of planners is currently working on proposals to attract visitors to the venue post 2012, and F1 could be included among the options.

The mayor holds an $18bn annual budget, ostensibly to improve the transport network and policing of the city, but also with the remit to improve the promotion of Greater London in conjunction with local councils. The LDA, which falls under his jurisdiction, has an budget of around $60m for promotion and $200m for infrastructure.

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