Perhaps the biggest single issue facing Formula 1 is the fact the contracts of five races expire next season. Along with the British Grand Prix, which exercised a break clause in its contract after 2019, the races in Germany, Italy, Spain and Mexico are also heading into the last year of their contracts.
The concern for F1/Liberty is all will want to renew at a lower rate than they are paying. And insiders say the circuits are working together on the matter to strengthen their hands.
Silverstone said it ended its contract because it could not afford to carry on at the escalating rates stipulated in the agreement it made with former F1 boss Bernie Ecclestone in 2009.
It wants to continue, but it and Formula 1 are some way apart on their ideas of an acceptable fee.
Losing any of these races would be bad news – Liberty Media is trying to expand Formula 1, not shrink it. The absence of Britain, Italy and/or Germany would be an especially awkward look when Liberty has said it values the classic European historic races and is determined to preserve them. And, even if none of these events is among Formula 1’s biggest earners, any race that drops off the calendar means a significant loss of income – Silverstone is paying more than £18m next year; Italy €24m (£21.4m) and Mexico a reported $25m (£19.7m).
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