Ecclestone urges Gordon Brown to put up cash for London grand prix

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The sport's commercial supremo said: "They know exactly what they have to do. Most of the events we have now are supported by governments.

Critical: Bernie Ecclestone believes Gordon Brown is wasting our money

"Mayor Ken Livingstone was very helpful and we laid out a plan of what we could do. It would have happened. It was just a question of where the money was going to come from. It would cost a small amount compared to what they're spending on the Olympics."

The cost of staging a race in London could be £100million, compared with the predicted £11billion bill for the 2012 Games.