We hate to do it, but we told you so.

While everyone, even respected broadcasters such as the BBC, was saying that Bernie Ecclestone had bought the rights to the British Grand Prix and that the event was safe, pitpass made it clear that the very opposite was the case.

Mr Ecclestone was given back the rights to host the event, together with a sizeable chuck of money in compensation.

Mr Ecclestone is free to do with the rights as he wishes, he could even host the British Grand Prix in Imola. Furthermore, since Silverstone is owned by the British Racing Drivers' Club (BRDC), there is absolutely no incentive for him to invest further money in the facility - in much the same way that none of our readers would be expected to pay for renovations to their neighbours' houses.

When Interpublic handed back the rights, together with £50.4m ($93m) compensation, it was the worse possible news for British race fans.

The advertising giant simply realized that it was easier, and less expensive, to cut its losses and pull out, admittedly at great cost, than to continue until 2015 and possibly bankrupt itself in the process.

With the British GP rights now given back to Ecclestone, there remains the small matter of the lease that Interpublic has with the Northamptonshire track, but again, that should be resolved with the aid of a sizeable compensation package. Bottom line: Interpublic wants out of motorsport as quickly as possible.

As for the future of the British Grand Prix, Ecclestone has no intention of hosting the race, not while its held at Silverstone, a circuit over which he has no control.

"I would welcome a new promoter coming forward," he tells the Daily Telegraph today, "and would be delighted if the British Grand Prix were to go ahead at Silverstone. It is the only feasible circuit in this country, but it has to come up to scratch.

"We saw at the last race in Bahrain what facilities should be like," he continues. "The standard has been raised by these new venues and Silverstone has to fall in line. The BRDC have got a lot of land there and are still receiving rent from Interpublic.

"On the back of that, they can raise the necessary cash to invest in the circuit. I have put a chunk of my own money in it and all I have seen for it is new car parks. They are very nice but we need a new pit-and-paddock complex, too. Unless the BRDC do this, there will not be a grand prix in the UK in 2005.

"I never say never, but I don't envisage being the promoter of the British Grand Prix," Ecclestone told The Times. "Anybody can come to me now and negotiate a new contract to have the promoter's rights. I think a promoter who is willing to get up and out there with plenty of ideas can make money. Other people do. I won't do a special deal for Britain just because it is Britain.

"Interpublic wanted out because they no longer wanted to be in this business," he added. "They paid too much for the rights in the first place and were paying more than we are charging in Europe. I've got no plans to do anything with the British Grand Prix. It's not up to me. It's not up to the Government, either, to give money to a gentlemen's club, which is what the BRDC is. I am prepared to sign a contract with anyone once they have spoken to the BRDC, who are the landlords. Maybe the BRDC should consider being the promoters, why not?"

Ecclestone will not invest money in a track that belongs to someone else, and why should he? Meanwhile, despite the appeals from luminaries such as Sir Jackie Stewart, the government is never going to invest huge sums in a sport, especially a sport that is not only awash with money, but is widely regarded as elitist.

Contrary to what some would have had you believe earlier this week, the future of the British Grand Prix is very far from safe.