It’s official! Silverstone is back on the Formula 1 calendar even before it fell off having signed a brand new contract with Liberty Media to host the British Grand Prix.
Two years ago Silverstone’s owners, the British Racing Drivers’ Club, triggered a break clause in their deal to host Formula 1’s British Grand Prix.
At the time the BRDC cited finances as the reason.
As such they were always open to a new deal but only at the right price.
After two years of speculation about the race’s future, stalled negotiations and stern words in the media, the BRDC and Liberty Media have agreed a new contract that will see Silverstone host the British GP until the end of 2024.
Announcing the deal, F1 boss Chase Carey 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 long-standing 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.”
Neither Liberty Media nor the BRDC revealed any details about the finances behind the new five-year deal.
John Grant, Chairman of the BRDC, added: “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 13th May 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.”
Silverstone hosted the first F1 World Championship grand prix in 1950.