The British Grand Prix cars could move to Canary Wharf and Docklands after Silverstone’s owners triggered a break clause in their contract, say reports.

Formula One CEO and executive chairman Chase Carey has set his sights on bringing street races to east London and ministers have given the plan the green light, reports The Mirror .

It comes after Silverstone’s owners BRDC activated a clause that means F1 racing will cease at the world famous Northamptonshire circuit after 2019.

It has been home to the race every year since 1987 but that will end if a new deal can not be hammered out before then.

BRDC chairman John Grant said it had reached a “tipping point” after sustaining losses of £2.8million in 2015 and £4.8million in 2016.

As part of the current deal, Silverstone must pay five per cent more each year to host the race.

Meaning the figure could rise to £26million by the end of the 10 year contract, in 2027.

A race around the capital’s streets was former F1 boss Bernie Ecclestone’s Holy Grail and his successor Mr Carey told the Standard : “We are open minded to everything.

“Silverstone is a special place in F1 history but there is certainly a magic to city races.

“We have talked about destination cities and the ultimate definition of that is London. We want long-term relationships. If it is London or other places, we want a good understanding of what you need to make it happen and what the issues are.

“In terms of Silverstone, we have until 2019 (to negotiate).”

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