Smash hit

Hill put on a brave face. “We recognise that it is good that the country has retained the race,” he said. “But the disappointment is huge. You cannot believe how much it hurts. Bernie struggles with the concept that F1 is not like the Olympics, which is involved in the regeneration of the East End of London. Taxpayers are happy in principle with that.

“But no one is going to buy into giving F1 money. F1 makes a lot of money, but it goes out of the sport. The problem is that the money made does not go back into developing the infrastructure of F1. We could have had a fantastic venue here that F1 would have loved.”

But Ecclestone believes that Formula One will love Donington and its £100 million refit, even if he has spoilt the Silverstone party.

Track record

May 13, 1950 Silverstone, a reconstructed Second World World War airfield, hosts first grand prix of the modern era. Giuseppe Farina wins for Alfa Romeo

July 12, 1987 After alternating with Brands Hatch and Aintree, Silverstone becomes the home to the British Grand Prix

May 1999 Bernie Ecclestone signs contract with Brands Hatch to host British Grand Prix from 2002, but the Kent circuit fails to win planning permission to extend and create new road networks

April 2000 Ecclestone enraged after grand prix falls victim to a washout, with thousands of spectators unable to get in or out of the Silverstone venue. David Coulthard wins, but his parents almost miss his victory after getting stuck in the traffic. After being unable to gain entry to the circuit himself, Formula One’s supremo declares the British Grand Prix “a country fair masquerading as a world-class event”.

May 2000 Ecclestone demands that the British Racing Drivers’ Club (BRDC), which owns Silverstone, makes substantial improvements to the venue, its roads and car parks — or he will move the race

Sept 2004 BRDC announces that Silverstone will not be on the 2005 calendar

Oct 2004 A consortium led by Nigel Mansell offers to step in to save the race for Silverstone. The rescue is dismissed by Ecclestone

Nov 2004 Talks between Ecclestone and the BRDC are at a stalemate and the race looks destined to end

Dec 2004 Last-ditch discussions end with the race rescued for Silverstone, with a contract up to and including the 2009 race and at a cut-price rate agreed by Ecclestone to ensure that Silverstone can make the race pay

Aug 2007 Silverstone announces £25 million redevelopment plans to fall into line with Ecclestone’s demands for significant improvements

Feb 2008 Talks to renegotiate a new contract fail to make headway, with Ecclestone unhappy with progress

June 2008 The Times breaks the story that Donington Park has made a bid for the British Grand Prix. Silverstone makes retaliatory strike with negotiations to win the MotoGP version of the British Grand Prix from Donington, where it has been for more than two decades

July 2008 The BRDC puts final appeal for financial help to Gerry Sutcliffe, the Sports Minister, but comes away from Westminster empty-handed

July 3, 2008 Ecclestone signs contract with Donington Ventures Leisure to take the British Grand Prix to Donington Park in Derbyshire from 2010 for ten years