Silverstone have extended their deal to host the British Grand Prix for another 10 years. The legendary circuit’s previous deal was due to expire at the end of the 2024 season but it will now remain in place until 2034.
The news was first announced in a social media video with British F1 drivers George Russell and Lando Norris. According to the Daily Mail, the deal is worth a staggering £300million.
F1 chief executive Stefano Domenicali said: “I am delighted to announce that the British Grand Prix will remain on the calendar for 10 more years with this agreement.
“Silverstone is an iconic venue at the heart of F1 history and as it approaches its ninth decade hosting Grands Prix, the event continues to attract fans from around the world for fantastic racing on track and the amazing fan experience off it.
“I would like to thank [Silverstone chief executive] Stuart Pringle and the Silverstone team for their hard work and dedication to take the British Grand Prix to new heights and I look forward to working closely with them as they look to further improve the facilities and fan experience over the next ten years.”
There were concerns that Silverstone wouldn’t be able to stomach the British Grand Prix fees past 2024 after the track said it could no longer afford to host the race before signing a five-year extension in 2019.
However, it appears that isn’t the case for now.
Silverstone chief executive Stuart Pringle said: “This long-term commitment reflects the importance of the British Grand Prix to Formula One and their acknowledgement of our ability to deliver a world-class experience for the British fans, who are among the most enthusiastic and knowledgeable in the world.
“The cheers of support for the home teams, and particularly for the British drivers on the grid, makes the Silverstone atmosphere unique and I am looking forward to harnessing this passion for our sport and taking the event to the next level in the coming decade.”
Peter Digby, chairman of the BRDC, added: “This contractual security will provide a solid base for the further development of the venue as we continue to improve and transform the circuit into a year-round international motorsport and leisure destination.”
