Bernie Ecclestone, the owner of the commercial rights to the Formula 1 (F1) world championship, has reportedly pulled the plug on the British Grand Prix.

Speaking to the Daily Express, Ecclestone said the decision to axe the 2005 British Grand Prix had been made after talks between himself and the British Racing Drivers’ Club (BRDC) “failed to reach an agreement on the length of the commitment or the financial terms”.

However, the BRDC remains defiant and Jackie Stewart, the club’s president, told BBC Radio Four’s Today programme that the “future was still under discussion”.

Despite Ecclestone’s initial threats to leave Silverstone out of the provisional list of 19 venues, the Northamptonshire circuit was on the list that he submitted to the Fédération Internationale de l’Automobile (FIA) on 13 October.

However, at least one venue is likely to be dropped from the final list, as Ecclestone has announced his intention to have either 17 or 18 races during 2005.

Earlier this month, the BRDC said axing the world’s oldest F1 venue would have catastrophic effects on the future of British motor sport industry.

A spokesperson said: “It is damaging to this country that Ecclestone has acted to cancel next year’s Grand Prix when the BRDC made a generous offer to promote the race which would produce no profit for the club.

“Losing the race would inflict serious damage to the pre-eminence of the sport and industry in the United Kingdom which may be irreparable.”