London: Silverstone will remain the host circuit for the British Grand Prix after a new five-year deal was agreed on Wednesday.
The Northamptonshire track welcomes the Formula One world this weekend, but Sunday's race was the last of the previous agreement between the parties after Silverstone triggered a release clause in 2017 in the hope of brokering a better deal.
"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," Chase Carey, Chairman and CEO of Formula 1 said in a statement.
"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."
Silverstone's owners, the British Racing Drivers' Club (BRDC), were also wary of F1's plans to host a London Grand Prix in the future, which could affect attendance at Silverstone.
A record crowd in excess of 140,000 is expected for Sunday's race.
"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," said John Grant, chairman of the BRDC.
"This is great news for the BRDC, Silverstone and Formula 1 - and for millions of British motor racing fans.