US agency giant Interpublic Group is severing ties with British motor racing by handing over $49 million (€39.6m; £26.5m) to the British Racing Drivers Club, owners of the financially-challenged Silverstone racetrack.

The payment entitles Interpublic to end its lease on the racetrack by the end of this year, and follows an earlier handout of $172m that absolved it from staging the British Grand Prix race.

It is not the first time IPG has made a swift exit from struggling auto racetracks, as present fiscal circumstances compel it to concentrate on its core advertising and marketing businesses.

Data sourced from: New York Times; additional content by WARC staff