The British Grand Prix will be held at Silverstone for the next 10 years after a new long-term agreement with the venue was announced on Thursday. Silverstone's five-year contract with Formula One's American owners Liberty Media was up for renewal this year. The Northamptonshire track, owned by the British Drivers' Racing Club, has struggled in recent years with speculation it could lose the prestigious Grand Prix. But Thursday's latest deal, reported to be worth £30 million ($37 million) a year, will keep him racing at Silverstone until at least 2034.
F1 chairman Stefano Domenicali said, “I am delighted to announce that the British Grand Prix will remain on the calendar for the next 10 years with this agreement.”
“Silverstone is an iconic venue at the heart of F1 history and as it approaches its ninth decade of hosting Grands Prix, the event continues to attract fans from around the world for spectacular racing on track and an amazing fan experience off it. “Continues to do.”
The British Grand Prix has been a perennial presence on the F1 calendar, with a history spanning more than 70 years, with Silverstone hosting the sport's first world championship race in 1950.
A record-breaking crowd of more than 150,000 watched Max Verstappen win at last year's British Grand Prix, with almost half a million spectators passing through the gates during the weekend.
Stuart Pringle, chief executive of Silverstone, said: “This long-term commitment reflects their acknowledgment of the importance of the British Grand Prix to Formula One and our ability to deliver a world-class experience.
“The cheering of support from the home teams, and especially the British drivers on the grid, makes the atmosphere at Silverstone unique.”
Liberty has toyed with the idea of holding a road race in London, but several obstacles have thwarted any serious progress.
The US company's commitment to Silverstone comes just weeks after a new race was confirmed in Madrid from 2026.
The new F1 season begins in Bahrain on March 2, with Silverstone hosting the British Grand Prix on July 7.
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