BRITAIN will continue to host a Formula 1 Grand Prix for the next five years after a fresh agreement with Silverstone was announced.
Ahead of the weekend's race at the iconic circuit, its owners and F1 confirmed the news at a press conference on Wednesday afternoon.
3 Lewis Hamilton is out for more glory in Northamptonshire this weekendCredit: PA:Press Association
Talks between Liberty Media and the British Racing Drivers' Club have been ongoing for two years and continually hit obstacles.
But this deal, running to 2024, is the first between F1's new owners Liberty Media and Silverstone – and heralds a brighter future for motorsport's most historic venues than previously thought.
In 2017, the Northamptonshire circuit enacted a break clause in its contract, which was due to run to 2026, out of fears it would go bankrupt under those terms.
There were also worries that plans for a London Grand Prix would significantly impact attendances.
3 Hamilton first won a wet British GP in 2008Credit: PA:Press Association
3 Another home favourite, Nigel Mansell, beat Nelson Piquet and Ayrton Senna in 1987Credit: PA:Press Association
And a further snag came when Italian Grand Prix host Monza secured its future on a new five-year deal back in April.
That prompted Silverstone to bring Liberty back to the negotiating table and ensure that their agreement, at that point virtually sealed, was equitable and fair.
More to follow.