According to an article in The times newspaper Bernie Ecclestone has finally pulled the plug on the British GP - he is quoted as saying:

"What could I do - I have got an offer from another country who are looking to build a lovely venue and invest a lot of money in Formula One and they will pay the going rate. I have to give them a years notice to go ahead. If I miss that because I am still messing about with the BRDC, I would be keeping out a country that desperately wants to be in the Formula One World Championship."