The Formula 1 Group has hit out at the British Racing Drivers' Club (BRDC), which runs the Silverstone circuit, after the organisation opted to trigger a break clause in its contract to host the British Grand Prix.
On Tuesday the BRDC announced it had exercised the break clause in its contract, signed for 17 years in 2010, which allowed the organisation to cease hosting duties of the event after 2019.
A statement from the F1 Group accused circuit bosses of "posturing", heightened by the timing of the announcement – with the 2017 event taking place this weekend – and in light of Liberty Media's alleged offer to extend the stipulated cut-off point in the contract.
"The week leading up to the British Grand Prix should be a week of great celebration for F1 and Silverstone," read the statement.
"We deeply regret that Silverstone has chosen instead to use this week to posture and position themselves and invoke a break clause that will take effect in three years' time.
"We offered to extend the current deadlines in order to focus on everything that is great about Silverstone and Formula 1.
"Regretfully the Silverstone management has chosen to look for a short-term advantage to benefit their position."
However the statement suggested all is not lost with both parties keen to continue negotiations.
"Our focus is still to preserve the British Grand Prix. We will carry on negotiating with the promoter in good faith and in private to reach a fair and equitable solution," it added.
Silverstone hosted the inaugural World Championship race in 1950 and has been a permanent fixture on the calendar since 1987.
