The British Grand Prix dominated the full agenda of the BRDC Board meeting held at Silverstone today following Mr Bernie Ecclestone's statement that negotiations could go no further. The Board investigated every possible means of continuing to find ways of settling a contract to include the British Grand Prix on the official 2005 Formula 1 calendar and beyond.

BRDC Chairman Ray Bellm said, "We have been in intense negotiations for 9 months and we met the bulk of the terms, including closing the gap on fees. We thought we were close to agreement. However, the major stumbling block is over the length of the contract. The only way forward for us is a 2-year contract, which would give us time to plan and secure the long-term future of the British Grand Prix. We have financial limits on what we can afford. We need a British Grand Prix to sustain the long-term stability of the valuable British motorsport industry and for the sake of Silverstone. We have done our utmost to come to an agreement, but the present terms are not financially viable."

BRDC President Sir Jackie Stewart added, "In the Board meeting today we agreed to explore all other avenues by talking to teams, manufacturers and sponsors. We hope there will be positive support for the British Grand Prix as a result of the Formula 1 Team Principals' meeting with Mr Bernie Ecclestone, to be held tomorrow (Friday) at Sao Paulo, Brazil, the venue for the final round of the F1 World Championship."

The BRDC will continue to make strenuous efforts to secure the future of the British Grand Prix for the sake of the sport, the fans and the motorsport industry in the UK.