Home / Auto News / News article: London Formula One Race Pushed by Bernie Ecclestone - AutoGuide.com News
 |  Jun 29 2012, 9:32 AM

Never one to shy away from speaking his mind, the ever-contraversial Bernie Ecclestone believes a Formula One race would be “fantastic for London, good for England – a lot better than the Olympics.”

And just how badly does Ecclestone want a Formula One race out in London? Bad enough to pony up $55 million of his own money to host a Formula One Grand Prix on the streets of central London. In addition to throwing in his own money into the pot, Ecclestone is willing to waive the Formula One’s fee for sanctioning an event which is $25 million.

A proposed course leaked, showing a 3.2-mile circuit that would have it start and finish on the Mall by St. James Park, while the course would pass famous London landmarks including Hyde Park Corner, Buckingham Palace, Westminster Abbey, the London Eye, Charing Cross Station, and Nelson’s Column. Computer predictions peg the course’s lap time at around 95 seconds with the ability to reach 175-mph top speeds.

And even though the costs associated with doing such an extravagant race is high, conservative estimates says that such a race could produce well over $160 million in revenue – perhaps even two or three times that amount.