Bernie Ecclestone prepared to pay £35m to stage London grand prix

Hmmm, it seems some people are keen for the London sporting calendar to feature an annual event that could potentially plunge the capital into the sort of traffic chaos we’re likely to see during the Olympics next month.

Well, when we say ‘ some people’ we mean Bernie Ecclestone and the F1 gang and when we say ‘annual event’ we mean the world’s biggest grand prix.

Formula One boss Ecclestone is shopping the idea, which would feature the race tearing past some of the capital’s most well known landmarks, including Trafalgar Square, Nelson's Column, Piccadilly Circus and Buckingham Palace.

The billionaire says he would contribute at least £5m towards the cost of staging the fixture, which would supercede Monaco as the top race of the season.

More detailed plans will be revealed tonight but early reports suggest a live audience of 120.000, millions watching it on TV and £100m for London’s economy.

Global design practice Populous assistant principal John Rhodes told the Times the event would involve five days to set up equipment and three to dismantle. He said it would not cause major disruption