This decision has been taken because it is not financially viable for us to deliver the British Grand Prix under the terms of our current contract," BRDC
chairman John Grant said.
It would not only risk the future of Silverstone and BRDC
, but also the British motorsport community that depends on us.
Their spokesman said they "deeply regret" the BRDC
It was believed Jaguar Land Rover's preferred option was to acquire a 249-year lease on the circuit, which hosts the British Grand Prix, while the BRDC
would have still owned the site.
It added: "The potential deal, which will only be completed if the board can agree terms with JLR that it believes to be in the best interests of the BRDC
, would align Silverstone with two premier British brands.
Ben, 18, said: "I am thrilled to be competing in the BRDC
Formula 3 Championship with HHC Motorsport.
plays an important role as the guardians of motorsport, which I hold in the highest esteem.
I am delighted to have been asked to become a BRDC
SuperStar," said Cardiff 's 20-year-old Parry.
The penultimate round of the inaugural BRDC
Formula Four Championship is held at Snetterton, Norfolk, this coming Saturday and Sunday.
It's a special feeling being part of the most elite motorsport club in the world - I can't thank the BRDC
is owned by 850 racing personalities, including Lewis Hamilton, Jenson Button and Nigel Mansell.
President of the BRDC
, the 1996 Grand Prix champion Damon Hill, said: "First of all it looks magnificent, it's part of the scenery of Silverstone.