Silverstone announced a new contract with Liberty Media – signed on Tuesday – to keep F1 British GP for the next five seasons, at least.

Following years of difficult negotiations, BRDC and Liberty Media reached an agreement to keep the British GP on the F1 calendar for the next five seasons until 2024 at Silverstone circuit, after a joint announcement on Wednesday ahead of the 2019 event.

While there was an uncertainty with regards to the British GP at Silverstone but more or less everyone agreed that there will be a positive outcome considering that a calendar cannot be completed without a grand prix in Britain – unofficial home of F1.

The announcement of the new deal was made in the presence of F1’s Chase Carey, BRDC’s John Grant and Silverstone’s Stuart Pringle. The circuit gone through a major re-surfacing and multiple new projects are in place, not only for F1 but also MotoGP races.

Upon the announcement, 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 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.”

Meanwhile, Grant 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.”

And finally, Pringle added: “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 2020 F1 calendar now has four grand prix secured with Australia, Vietnam, Netherlands and Britain officially confirmed. Among the races in danger are Spain, Germany and Mexico, with two likely to move out to keep 21 races in the season.

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