Our focus is still to preserve the British Grand Prix.
McLaren chief Zak Brown last week urged F1's new owners Liberty Media to buy Silverstone to safeguard the race, while the Mail reports the British Racing Drivers' Club "have not given up on negotiating a more sustainable deal in the next few years".
Despite the apparent success of last years British Grand Prix in July, where 139,000 spectators attended the race that was won by British driver Lewis Hamilton, it still didn't meet budget expectations.
BRDC chairman John Grant said under the existing deal Silverstone lost £2.8million in 2015 and £4.8m previous year.
"It's clear that as a team, we need to give the drivers the right platform to express their talents, and that means delivering on our own high standards of performance and reliability".
The 32-year-old was scheduled to lead a star-studded cast as Formula One took over the capital for a demonstration run in the build-up to Sunday's British Grand Prix.
Pringle told Insider: "We are not anxious about other bids as Silverstone is the only viable circuit that is able to hold the British Grand Prix in this country".
Silverstone say they have made decision to break F1 contract to safeguard their future. "We have this one opportunity to exercise the break clause and we have to do it today". "That would be a huge loss, so I'm really hoping they [Silverstone] can turn things around and work with the new owners to do that". The owners of Silverstone, which staged its first F1 race in 1948, told Liberty on Tuesday that the hosting fee has become too prohibitive and the losses can not be sustained.
Chase Carey, the chairman and chief executive of Formula One, said that he wants more street races, including one in London.
Hamilton is due to appear in front of the media at Silverstone on Thursday ahead of his home race.
Silverstone first held the British Grand Prix in 1950.
"We think having the BRDC retain ownership of Silverstone helps achieve that long-term objective".
Speaking to Sky News' Ian King, Sir Jackie insisted the United Kingdom can't afford to lose the race as he highlighted the 143,000 people employed in the F1 industry in the country. F1's hosting fees, which grow by 5% every year after starting at $15.4 million in 2010, are part of a 17-year contract that was negotiated in 2009.
The future of one of Formula One's most prestigious races has been thrown into doubt over a contract wrangle.