F1: Silverstone Circuit Renewed For Next Five Years

The British Grand Prix will continue to be a part of the Formula 1 calendar for the next five years. The F1 bosses, the Silverstone circuit and the BRDC signed an agreement in London earlier this week and will see the track on the calendar until 2024. The BRDC has been the custodian of Silverstone for 70 years and have been responsible for owning and operating the circuit, which is the only licensed venue to hold a Grand Prix in Great Britain. The deal finally came through after two years of negotiations, with the final race under the agreement scheduled for this weekend. The circuit has been regularly been as too expensive, which was one of the main reasons why the renewal remained uncertain, until now.

Speaking on bringing Silverstone for the future, Chase Carey, Chairman and CEO, Formula 1 said, "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. 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."

7 out of 10 F1 teams are headquartered in the UK, while the grid has 3 British drivers

John Grant, Chairman of the 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. 2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13thMay 1950 and will make next year's event all the more special. This is great news for the BRDC, Silverstone and Formula 1 - and for millions of British motor racing fans".

Stuart Pringle, Managing Director of Silverstone Circuits Limited, said, "The British Grand Prix at Silverstone is rightly recognised as one of the highlights of both the F1 championship and the annual British sporting calendar. 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."

The extension is certain to please British fans of the sport, which has played an important role in shaping up F1 as we know it today. Seven of the ten teams on the grid are headquartered in the UK, while the current season has three British drivers including Lewis Hamilton, George Russell and Lando Norris. The organisers have also invested over 50 million Pounds in the last 10 years for creating the necessary infrastructure for a global sport like F1. The track attracts over 340,000 spectators every year, which makes it one of the most attended Grand Prix in the world. In addition, there's a new hotel being constructed at the circuit that is scheduled to open in time for the 2020 British GP. The Hilton Garden Inn will overlook the start-finish line and offer a number of luxurious features.