British Grand Prix: New Silverstone Formula 1 deal announced until 2034

The British Grand Prix will continue at Silverstone until at least 2034 after the historic track signed a new 10-year deal with Formula 1.

The move marks a period of enhanced stability for the UK's place on the F1 calendar after years of uncertainty.

F1 president and chief executive Stefano Domenicali said Silverstone "is an iconic venue" which is "at the heart of F1 history".

Silverstone staged the first F1 world championship race in 1950.

"It continues to attract fans from around the world for fantastic racing on track and the amazing fan experience off it," Domenicali said.

The deal was first announced in a social media video with British F1 drivers George Russell and Lando Norris.

Silverstone is owned by the British Racing Drivers' Club (BRDC) and bills itself as the home of British motorsport.

From 1955-1986 it shared Britain's round of the championship with first Aintree and then Brands Hatch. It has hosted the race every year since 1987, and even held two grands prix in one year at the height of the Covid-19 pandemic in 2020.

Silverstone was one of the first grands prix to diversify its offering to fans by staging music concerts and other entertainment over the course of the weekend.

This approach is at the heart of F1 owner Liberty Media's plan to grow the sport by broadening its appeal.

Last year's race, won by Max Verstappen, drew a record crowd of 480,000 fans across the weekend - the largest combined attendance for any track during the 2023 season.

Liberty's desire to expand the calendar, and to introduce new races that are close to major population centres, has put pressure on many traditional and historic races, no matter their status in the sport.

The longevity of Belgium's classic Spa-Francorchamps track, for example, is uncertain because of a number of concerns over modernisation, including access.

Silverstone's last contract, signed in 2019, was for five years, and came at the 11th hour after the track said it could no longer afford the fee for the race.

The circuit's new contract removes it from those concerns for the time being.

Silverstone chief executive Stuart Pringle said: "This long-term commitment reflects the importance of the British Grand Prix to Formula 1 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."

Silverstone has been modernising in recent years, including the opening of a museum and hotel on site. The BRDC has pledged to further upgrade facilities at the track during the course of the new contract.

Peter Digby, chairman of the BRDC, said: "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."