Silverstone release annual accounts.

Discussion in 'Formula One Discussion' started by sportsman, Jul 10, 2011.

  1. sportsman

    sportsman Sidecar racers have the biggest cojones Contributor

    This is not by some usual F1 hack reporter but by Christian Sylt who is widely recognised as an authority on F1 finances.He is editor of Formula Money the most comprehensive reference source to all financial details regarding F1.
    This does not look that good for Silverstones planned developments.
     
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  3. Mezzer

    Mezzer A fine chap if ever there was one. Contributor

    My grandfather was in the BRDC, he had hoped to coin in on Silverstone being sold, which never happened. I think they're going to continue to struggle with the government not providing any support.
     
  4. FB

    FB Not my cup of cake Valued Member

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    I don't want to be mean spirited but if any government of any hue suggests that tax payers money should be used to support an F1 race in Britain I for one will be on the demonstration in the streets of London. I'd rather there were no race in this country than for a single penny of tax payers money be used to support it.

    Sorry, ranting, and I may have misinterpreted your comments Mezzer.
     
  5. Mezzer

    Mezzer A fine chap if ever there was one. Contributor

    Well good luck with that, FB, but before you do take a look at the amount of revenue (and thereby generated tax) is brought into the region during a GP weekend. I'm not implying they should be given a free ride, but assistance is given to pretty much every other GP by their governments as they recognise the benefits.
     
    no-FIAt-please likes this.
  6. VanChallis

    VanChallis Points Scorer

    I agree, but this won't happen under the tories. They will give as little as possible, or nothing, and get the maximum back out of it :D
     
  7. sportsman

    sportsman Sidecar racers have the biggest cojones Contributor

    I agree FB. But those who glibly say that other GP's recieve goverment support although it is true don't consider the alternative taxation systems that operate in those countries.
    The governments that do support GP's operate event focused taxation systems in additon to the standard VAT (in Engand) to recover the costs.
    Austin for instance is recieving $25 million a year from the Texas Major Development Fund.That is not the US Federal government the equivalent to the English goverment.
    This money is recovered by an additional tax on all related businesses who profit from the event.ie hotels,restuarants, car hire and all businesses in the State of Texas.Not the entire USA.This money is raised in Texas and stays in Texas.
    So if Northamptonshire County Council made a grant to Silverstone and then applied a 5% tax to all tickets and businesses in Northamptonshire and Buckinghamshire who profit from the GP then it would be feasible.
     
  8. Mezzer

    Mezzer A fine chap if ever there was one. Contributor

    I disagree that a) the comment is 'glib', or that b) your analogy with the US GP is a good one. The best way to think of the US is as 50 countries that work co-operate (sort of), rather than a single country, so a better analogy for the US would be a European country and the European parliament, the European parliament does not provide funds to specific nations for their event. Remember also that Americans as a nation feel that they want their national icons to be impressive, hence a bigger issue than simply the bottom line. Please feel free to disagree with me. As I sip my Corona here in currently-cloudy Florida ... Actually that's a slight exaggeration, as you can probably tell I'm in the thick of a critical program management issue. :)
     
  9. sportsman

    sportsman Sidecar racers have the biggest cojones Contributor

    The US is I agree a collection of individual states (countries) if you will.But unlike the UK each individual state sets its own taxation levels.
    The UK is different inasmuch as Parliament sets the taxation levels for the entire country.Wherever you live in the UK in any of the counties (states) the taxation rates are identical.Local taxes do vary according to areas but these are for local services.
    US states are free to impose local taxes ie hotel taxes, entertainment taxes and event taxes taking place within their state boundaries.UK County or Borough Councils do not have that authority in the UK.
     
  10. siffert_fan

    siffert_fan Too old to watch the Asian races live. Contributor

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    This does not look good:

    Silverstone seeks £13m lifeline - Pitpass.com
     

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