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"A lot better than the Olympics!" Bernie Ecclestone set to pay for a London GP

The billionaire will unveil plans for a new race alongside Lewis Hamilton and Jenson Button on Thursday evening.

Image: Graham Hughes/The Canadian Press/Press Association Images

FORMULA 1 SUPREMO Bernie Ecclestone is planning on paying for a new London Grand Prix, according to reports.

The Times claims that the billionaire is prepared to promote the event and has long had a race in the English capital in his sights.

Ecclestone could pay out as much as £35million to put the race on, but income from spectators and tourists could reach three times that figure.

“With the way things are, maybe we would front it and put the money up for it. If we got the okay and everything was fine, I think we could do that…It would be fantastic, good for London, good for England – a lot better than the Olympics,” Ecclestone bragged.

The 81-year-old will unveil initial plans at the Royal Automobile Club on Pall Mall on Thursday evening, along with Jenson Button and Lewis Hamilton, and a four-minute video will highlight the proposed route.

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