The British Grand Prix will remain at Silverstone for the next five years after a new contract with Formula 1 was confirmed.
The race organizers had exercised a break clause in its previous contract two years ago due to concerns regarding the escalating race hosting fee, meaning this year’s event was set to be the last of the current deal. However, following successful negotiations between Formula 1, the British Racing Drivers’ Club (BRDC) and Silverstone Circuit, a new contract through to 2024 was signed on Tuesday in London.
F1 chairman and CEO Chase Carey says the new deal fits with Liberty Media’s desire to protect the sport’s historic races.
“We are really pleased to confirm that the British Grand Prix will stay on the FIA Formula 1 World Championship calendar for at least the next five years, with the event remaining at its longstanding home, Silverstone circuit,” Carey said. “We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport, its starting point back in 1950.
“Today, Formula 1 is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots. Silverstone and the British Grand Prix are an integral part of that vision.”
The announcement was made in the F1 paddock ahead of this weekend’s race, and Silverstone managing director Stuart Pringle says losing the grand prix would have been a major blow for the sport.
“The British Grand Prix at Silverstone is rightly recognized as one of the highlights of both the F1 championship and the annual British sporting calendar,” Pringle said. “This is thanks to our track being one of the greatest drivers’ circuits in the world but also the enormous passion for motor racing that exists in the loyal and knowledgeable fans that we have in this country.
“The prospect of not hosting a grand prix at Silverstone would have been devastating for everyone in the sport and I am delighted that we are here today, on the eve of what is sure to be a fantastic event, making this positive announcement about the future.”