The owners of Silverstone circuit have questioned the long-term future of the British Grand Prix because of the “potentially ruinous risk” posed by hosting fees.

Local media reported the British Racing Drivers’ Club (BRDC) had informed all members in a letter last month it was giving serious thought to exercising a break clause.

“The board is considering whether we should give notice before the 2017 British GP (as required) of our intention to exercise the break clause in the contract at the end of 2019,” wrote BRDC chairman John Grant.

“This is not a simple decision and we shall consider all the implications before coming to a conclusion by mid-year.”

Silverstone, which hosted the first Formula One championship race in 1950, has a contract to 2026 with a break clause on both sides.

Grant’s letter said the board hoped to preserve the race at the circuit for years to come, providing it made commercial sense.

“We have to protect our club against the potentially ruinous risk of a couple of bad years,” it added.

“Without some change in the economic equation, the risk and return are out of kilter.”

Last year’s race drew some 139,000 fans, boosted by triple world champion Lewis Hamilton and McLaren’s now-departed Jenson Button. A majority of the 11 teams are based in Britain, including Hamilton’s Mercedes.

Formula One’s 86-year-old commercial supremo Bernie Ecclestone told ITV that Silverstone were free to activate the break clause.