Paul Jeffrey
Premium
After much noise and counter statements from both the circuit and Liberty Media, Silverstone have today confirmed a contract extension to keep the British Grand Prix at the Northamptonshire circuit for a further five years - securing the future of the race until the conclusion of the 2024 season.
Live Stream: Watch the British Grand Prix here
Having been resurfaced in time for the British Grand Prix this coming weekend, and following the significant investment in the trackside facilities such as the new Silverstone Wing pit building, it was always on the cards that the longest standing track on the Grand Prix calendar would be renewed for a further stay as home to the British Grand Prix, and that deal has been confirmed earlier today in what is a very good news story for British fans of the sport.
Back in 2017 the circuit took up their break clause in the existing British Grand Prix deal, looking to renegotiate with new owners Liberty Media on a more favourable arrangement than that which was agreed with former F1 boss Bernie Ecclestone.
However with the sports growing drive to move into new territories and the ever present threat of a race on the streets of London looming large in the background, the signing of a contract extension hasn't always been a secure as one would first believe.
"We are really pleased to confirm that the British Grand Prix will stay on the calendar for at least the next five years, with the event remaining at its long-standing home, Silverstone circuit," said F1 CEO Chase Carey at a press conference announcement on Wednesday.
"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."
The 2020 British Grand Prix will mark the 70th anniversary of the first round of the Formula One World Championship back in 1950, and many of the current Grand Prix teams are located in and around the Silverstone Business Park area that surrounds the circuit."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."
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