Lewis Hamilton's victory helps Silverstone owner's profits jump threefold

Lewis Hamilton’s victory at last year’s Formula 1 British Grand Prix helped its owner accelerate profits threefold but the future of the Silverstone race remains in doubt.

The 120,000 spectators who flocked to see Hamilton’s victory on his way to the F1 title last summer lifted profits to £3 million.

Revenues rose £2.8 million to £54.7 million.

The British GP is run by Silverstone’s owner the British Racing Drivers Club, a group of 850 members including Hamilton and fellow British F1 icons Nigel Mansell and Damon Hill.

However, the race’s future at the Northamptonshire track is under threat.

Silverstone has a contract to host the British GP until 2026 — and is expected to host the race next year — but is struggling after losing rental income from selling a lease on 280 acres of land two years ago to clear its debts.

Silverstone’s plight led to it paying the hosting fee for the British GP in arrears and it faces a crunch year as F1’s chief executive Bernie Ecclestone has the right to terminate the contract in 2016.