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The future of the British Grand Prix has been hanging in the balance for some time but finally a new contract has been agreed between Formula 1 and Silverstone ...

British fans can rejoice ahead of this weekends sold out British Grand Prix following the announcement that a new five year contract has been reached following two hard years of negotiations.

Silverstone has hosted the first F1 race in 1950, but back in 2017 it activated a early release clause to end its contract to host the event because it was becoming far to expensive following losses of £2.8m in 2015 and £4.8m in 2016. An escalator clause in the contract meant that year on year the hosting fee would increase by 5% each year, meaning by 2026 Silverstone would be expected to pay £25m.

Following the announcement F1 chairman Chase Carey described the race at Silverstone as "one of the signature races on our calendar and a truly special event "

John Grant, chairman of Silverstone's owners, the British Racing Drivers' Club (BRDC), said: "Silverstone is one of the most iconic Grands Prix on the F1 calendar and with such a rich heritage it would have been disastrous for the sport and fans had we not managed to find a way forward."

The announcement comes after F1 said earlier this year that it had agreed terms to secure the Italian Grand Prix at Monza, the oldest race on the calendar.

No financial details regarding the deal have as yet been made available.

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