Silverstone’s owners have dismissed as “speculative and wrong” recent media reports suggesting the British Formula One Grand Prix would be dropped after 2019.

The British Racing Drivers’ Club (BRDC) said that no decision on exercising a break clause would be made before mid-July, when the race is held.

“Our objective is to preserve the British GP at Silverstone for many years to come but, of course, we can only do this if it makes economic sense,” said BRDC chief John Grant.

“We will be considering over the next six months if we should give notice of our intention to exercise the break clause in our Grand Prix contract at the end of 2019. No decision has been made, or will be made, until mid-July.”

Grant said the BRDC would until then “to explore with all interested parties, hopefully in private, various ways in which we might work out a more sustainable proposition”.

The BRDC informed all members  last month that it was giving serious thought to exercising a break clause because of the “potentially ruinous risk” posed by hosting fees that increased annually.