UK Motorcycling Venues Financially Saved by Parliament

Monetary bailouts have been provided to numerous industries by the UK Parliament, including motorcycling venues in Great Britain & Northern Ireland. Boris Johnson’s government approved £6 Million in financial loans to affected raceways in the United Kingdom. Monetary bailouts are meant to sustain these circuits during the winter & guarantee that lost earnings can be recuperated in the upcoming summer.

A larger bailout package benefited motorcycling raceways in Great Britain & Northern Ireland from Parliament. It was announced on November 25th at £300 Million would be awarded to professional sports institutions via the “Sports Winter Survival Package”. Funding for motorcycling raceways must be approved first through the application, with tracks like Silverstone & Goodwood guaranteed to receive a percentage of the £6 Million awarded.
When seasonal operations before for 2021, funding will be eliminated & whatever awarded finances remain must be returned to Parliament.

Monetary bailouts will substantially assist numerous raceways in Great Britain & Northern Ireland, who have faced continued losses amid the Covid-19 Pandemic. Spectators haven’t been permitted inside raceways since March 2020, eliminating 90% to 95% of a circuit’s annual profits. Even locations like Silverstone saw unexpected cancellations & profit losses, with the Silverstone MotoGP Race being cancelled for 2020.

The Managing Director of Silverstone spoke about the financial losses sustained during 2020. Stuart Pringle clarified that MotoGP cancelling their Silverstone Race was substantial, with spectators still permitted days before the lockdown began. Managing Director Pringle expressed that remaining venues were privately formatted, resulting in revenue dropping by 80% for Silverstone Circuit. Stuart Pringle thanked Parliament for approving £6 Million in bailouts to raceways across the United Kingdom. Details from Stuart Pringle also noted that support package details haven’t been given & don’t know the percentage of that £6 Million will be offered to Silverstone.

Negotiations Ensue

Great Britain’s Sports Minister discussed the £300 Million “Sports Winter Survival Package”. Nigel Huddleston explained that over four weeks, multiple discussions were held with Parliament. It’d take prolonged negotiations to assess what level of support is genuinely required. Sports Minister Huddleston confirmed that severe cost reductions with all sporting industries in Great Britain & Northern Ireland required the bailout value of £300 Million be approved. Funds are expected to distribute by December 2020.

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress and MagTheme