Formula One has actually verified the British Grand Prix will stay at Silverstone up until 2024, ending 2 years of speculation about the future of the race.

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The brand-new contract was checked in London on Tuesday by Formula One and the British Racing Drivers’ Club (BRDC), which owns Silverstone.

The future of the race was tossed into doubt in 2017 when Silverstone worked out a break provision in its existing agreement that suggested 2019 would be the last race at the previous RAF airfield. The BRDC argued that the initial agreement– concurred with previous F1 manager Bernie Ecclestone and due to run up until 2027– was not economically practical for Silverstone after it made combined losses of ₤ 7.6 m in 2015 and 2016.

By exercising its break provision, the BRDC brought F1’s brand-new owners, Liberty Media, to the negotiating table and after 2 years of talks the brand-new five- year offer was revealed at Silverstone on Wednesday.

“We are really pleased to confirm that the British Grand Prix will stay on the FIA Formula One World Championship calendar for at least the next five years, with the event remaining at its longstanding home, Silverstone circuit,” F1 CEO Chase Carey stated. “We have actually constantly stated that, if it is to have a long-lasting future, our sport needs to protect its historical places, and Silverstone and Great Britain represent the cradle of this sport, its beginning point back in 1950.

” Today, Formula One is a worldwide sport, hung on five continents, viewed by an audience of 500 million fans around the globe. Our goal is to grow this number by bringing the sport we enjoy to brand-new nations, while likewise keeping its roots. Silverstone and the British Grand Prix are an essential part of that vision.”

With Silverstone protected, F1 will turn its attention to finishing a brand-new agreement with the Italian Grand Prix after concurring monetary terms with The Automobile Club d’Italia previously this year.

Contracts with the Spanish, German and Mexican Grands Prix are likewise due to end at the end of the year, however brand-new races in Vietnam and the Netherlands are currently concurred as part of the 2020 calendar.

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