Lewis Hamilton F1 News: Silverstone GP director responds to champion's criticism amid ticket price increase

Lewis Hamilton, Mercedes, Austria, 2024 — Photo: © IMAGO

British Grand Prix

British GP director responds to Hamilton criticism amid ticket price increase

This year's race at Silverstone has yet to sell out following a rise in ticket prices

Tyler Rowlinson

Monday 1 July 2024 14:57

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Silverstone’s managing director has defended the prices of this year’s edition of the British Grand Prix after criticism from Lewis Hamilton.

Silverstone and Formula 1 generally have seen a significant increase in popularity, with the 2023 race at the former airfield bringing a record-breaking crowd of 480,000 spectators.

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However, this season’s grand prix is yet to sell out, with four-day grandstand tickets still available with prices starting at £629 and general admission for race day being £309.

The track’s managing director, Stuart Pringle, cited the reasons for this were down to the recent performances of Hamilton and the dominance of Max Verstappen and Red Bull, with the Dutchman responding that it is not his fault for the rise in ticket prices.

Silverstone saw a record attendance in 2023 with 480,000

But this year's event is struggling to sell out

Silverstone director defends 2024 ticket prices

Last week, Hamilton, who has won a record eight times at Silverstone, spoke of the ticket prices being untenable for families due to the cost of living crisis, words that were echoed by fans on social media.

But Pringle has defended these prices, citing the event is now turning a profit due to the rise in popularity, when it had previously been struggling to stay afloat, and that all money made is invested back into the infrastructure.

“We fully support Lewis’ comments,” he said according to Yahoo Sport.

“We have a greater number of our lowest price general admission tickets available this year compared to 2023.

“The BRDC’s financial fortunes are vastly different to 10 years ago – we have worked really hard here to turn this listing oil tanker around. The BRDC has always chosen to operate as a not-for-profit company.

Lewis Hamilton has won a record eight times in Silverstone

“With an exception of a small percentage that goes toward the running costs of the club, 95% of the money gets reinvested. There are no dividends, it is reinvested into the site for the good of British motorsport, putting the profits we are making back into the fabric of Silverstone.

“When we made an operating loss on a grand prix year after year you can’t invest in the infrastructure, you can’t move forward. There was a prolonged period of under-investment when we made no meaningful money out of our major events. It introduces a degree of paralysis to the decision making, because the risk is so great.”

Silverstone recently signed a new 10-year contract to remain on the F1 calendar and Pringle believes that it will sell out it’s slightly reduced capacity of 460,000 this year, and that its investment and commitment has been recognised by the sport.

He added: “One of the reasons why F1 was keen to secure Silverstone as a venue for 10 years is because of the value we add to their championship and consequently their share price. They wanted us as much as we wanted them.”