Silverstone signs 17-year deal for British Grand Prix
Silverstone has agreed a 17-year deal to host the British Grand Prix from 2010, ensuring the race is not axed.
The Northamptonshire circuit stepped in to stage the race, which next year takes place on 11 July, after Donington Park was stripped of the rights.
"This is tremendous news," said 1996 Formula 1 champion Damon Hill, who is president of the British Racing Drivers' Club that owns Silverstone.
Under the deal, Silverstone will redevelop the pit lane and paddock.
Work is due to start as soon as possible after Christmas but is not expected to be completed until 2011.
F1 is diminished without the classic tracks such as Silverstone, Spa, Monaco and Monza that have formed the history of the sport and which continue to provide the greatest challenge for the drivers
Hill added: "It's not easy to enter into an agreement of this magnitude. It's a big commitment.
"But the BRDC felt we wanted this relationship to continue and we were prepared to back the negotiating team, with the level of risk satisfactory for the deal to go ahead."
F1 chief Bernie Ecclestone welcomed the deal, adding: "This will ensure the British Grand Prix is included on the Formula 1 calendar for many years to come, which is something I've always wanted.
"The team at Silverstone already know how to organise a good event and now everyone can look forward to next summer at Silverstone."
The 2010 race calendar will be officially released later this week, when the Silverstone showpiece will be confirmed for Sunday, 11 July - the same day as the 2010 World Cup final.
Source: Silverstone signs 17-year deal for British Grand Prix
The Northamptonshire circuit stepped in to stage the race, which next year takes place on 11 July, after Donington Park was stripped of the rights.
"This is tremendous news," said 1996 Formula 1 champion Damon Hill, who is president of the British Racing Drivers' Club that owns Silverstone.
Under the deal, Silverstone will redevelop the pit lane and paddock.
Work is due to start as soon as possible after Christmas but is not expected to be completed until 2011.
F1 is diminished without the classic tracks such as Silverstone, Spa, Monaco and Monza that have formed the history of the sport and which continue to provide the greatest challenge for the drivers
Hill added: "It's not easy to enter into an agreement of this magnitude. It's a big commitment.
"But the BRDC felt we wanted this relationship to continue and we were prepared to back the negotiating team, with the level of risk satisfactory for the deal to go ahead."
F1 chief Bernie Ecclestone welcomed the deal, adding: "This will ensure the British Grand Prix is included on the Formula 1 calendar for many years to come, which is something I've always wanted.
"The team at Silverstone already know how to organise a good event and now everyone can look forward to next summer at Silverstone."
The 2010 race calendar will be officially released later this week, when the Silverstone showpiece will be confirmed for Sunday, 11 July - the same day as the 2010 World Cup final.
Source: Silverstone signs 17-year deal for British Grand Prix
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