A trio of team principals have hit back at Bernie Ecclestone's remark that Formula One does not need a British Grand Prix.

Surrounded by the splendour of the new £800million Yas Marina circuit that hosts the inaugural Abi Dhabi Grand Prix on Sunday, it is easy to joke such opulence is far removed from Silverstone.

Yet the Northamptonshire track remains the only viable option for Britain to continue its hosting of what is officially the oldest race on the calendar following Donington Park's demise as a replacement venue this week.

Silverstone Holdings managing director Richard Phillips met with Ecclestone in Abu Dhabi on Friday in a bid to reach a compromise on their contract stalemate.

The major bone of contention is understood to be a seven per cent escalator clause on the initial £12million deal that would result in Silverstone paying double that amount after 10 years.

Understandably, there is serious concern amongst the teams as to the future of the race, with McLaren boss Martin Whitmarsh earlier this week voicing his thoughts.

Red Bull's Christian Horner, Ross Brawn and Bob Bell, currently the acting boss at Renault, are all hoping a deal can be struck bearing in mind their teams are based near Silverstone.

Asked if he disagreed with Ecclestone's comment, Horner replied: "Absolutely.

"Silverstone and the British Grand Prix is a very important and significant part of the calendar.

"It's a historic race that has been there since the start of the world championship.

"It's a great circuit, the drivers love it, it's a local grand prix to probably more than 50% of the teams.

"I really and sincerely hope, now the Donington bid has stumbled, a solution can be found between Silverstone and FOM (Ecclestone's Formula One Management).

"I'm sure every effort is being made to achieve that. Certainly, we would see Silverstone as a great loss from the calendar should it not be there in 2010."

Brawn's own team are based at Brackley, a few miles from the track, and he added: "We saw what a fantastic event Silverstone was this year, with the huge support it had.

"Damon Hill made a point I completely concur with: that Formula One is what it is because of the balance of races, the history and heritage it has.

"The reason Formula One, as a championship and a series, is so attractive to countries like Abu Dhabi and the new races we're going to is because of that heritage and history.

"If we destroy that then perhaps we won't remain as attractive for other countries in the future.

"The Donington episode has been an unfortunate distraction, but let us hope Bernie can find a solution with the BRDC to run the race in the future because it would be a tragedy if we lost Silverstone."

Bell, who has confirmed he would give serious consideration to remaining in charge of Renault should he be offered the chance, echoed the thoughts of Horner and Brawn.

"I totally agree with Ross. One of the strengths of Formula One is its diversity, and it would be very wrong to threaten that with a whole new era. That's important," insisted Bell.

"Equally, as Christian said, it is the home grand prix for probably the majority of the people who work in Formula One.

"I know how important that is to the ordinary members of staff in the factories.

"It would be a great shame for all those people and their families if they weren't able to enjoy it locally.

"I and the team are a great supporter of it."