Bellm denies stepping down as BRDC chairman.

Ray Bellm has hit out 'some board members' of the British Racing Drivers Club [BRDC], denying their statement that he voluntarily 'stepped down' from his role as chairman.

Bellm has also confirmed that in his view, the new contract with FOM for the British GP is the key reason behind the 'removal of his position'.

News that Bellm had been axed, allegedly in a dispute over the future of the British Grand Prix, emerged on Wednesday.

According to reports from the Bloomberg agency, the BRDC's ten-man board voted narrowly to remove Bellm from his post on Tuesday, although the former sportscar driver will remain on the board. The same report claimed that Jackie Stewart called for the vote after insisting that he and Bellm - who was elected as chairman in succession to Martin Brundle in 2003 - could no longer work together.

Bellm had spearheaded talks with F1 tsar Bernie Ecclestone to restore the British GP to the F1 calendar after it appeared that the race was in danger of losing its place to new events outside Europe. Despite his success in securing the races future, it appears not all are happy with the deal.

Bellm though believes that without a chairman, the club has put itself 'into a vulnerable position' and now has 'little clear, commercial and success-driven direction'.

The BRDC meanwhile has insisted that the affair will not affect the future of the British Grand Prix.

Bellm's full statement read:

"I categorically deny the statement from the British Racing Drivers' Club [BRDC] dated January 12th stating that I stepped down from my position of chairman of the Board of the BRDC. At a Board meeting held on January 11th the post of chairman was removed and through this decision, I no longer hold the position.

"I was elected chairman of the Board in November 2003 in order to bring to bear on the BRDC my business skills to take the BRDC forward. I was charged with exploiting the commercial opportunities available and secure the long-term future of the Club, which was asset rich and cash poor, and this included securing the future of the British GP, and progressing the plans for re-development of the facility.

"During 2004 we secured $38m net of tax from IPG's exit. We secured a five-year agreement with FOM to promote the British Grand Prix with a projected operating profit over the 5 years, based on full gates. We reorganised the management of our Technology Park development as progress was slow to non-existent, and we worked closely with a third party adviser over future plans for the circuit. Securing the British GP for 5 years on profitable terms alone increased the worth of our land by ?50m.

"The underlying issue for removal of my position is a disagreement by some Board members of the terms of the contract with FOM for the British Grand Prix. I led the negotiations on this and acted in the interests of the Club to secure the best - and possibly only - deal available to us. I am saddened that, after all the hard work, there is dissent and disillusion within the Board.

"The Club's action has left it without a chairman, which I do not believe is correct corporate governance for the effective running of the Club. After a very productive year in which so much has been achieved, the Club has put itself into a vulnerable position and little clear, commercial and success-driven direction. I will remain on the Board at the current time and hope that I can continue to contribute to the Club as successfully as when I was chairman."