The British Grand Prix is set to remain on the F1 calendar after signing a contract extension with Silverstone staging the race for at least ten more years.
The British GP has extended its run in Formula 1 by ten more years after signing a new contract with Silverstone and its owner, the British Racing Drivers’ Club (BRDC) meaning the race remains on the calendar until 2034.
With this year’s event marking the conclusion of its current contract, the British venue which hosted the world championship’s inaugural round in 1950 will be guaranteed a spot on the F1 calendar through at least 2034 thanks to the contract extension.
It is estimated that Silverstone’s new contract will cost the venue £30 million year, or a total of £300 million over the course of the 10-year deal.
Legacy circuits now have to pay more to secure new contracts and make significant investments in their infrastructure and facilities due to the influx of new, contemporary developments like those in the Middle East along with the construction of circuits like Las Vegas, Miami and the soon-to-be Madrid GP circuit.
Silverstone Circuit’s announcement stirred a frenzy on social media featuring a jubilant “TEN. MORE. YEARS.” statement and a video cameo from British F1 star drivers George Russell and Lando Norris.
For many years, the British Grand Prix has been the crown jewel of the Formula 1 calendar, attracting huge attendance along with a lively environment that mixes spectacular racing with a great deal of entertainment.
The 2023 edition of the race set a new record boasting 480,000 fans over the course of the weekend, including over 60,000 campers as the thrill of the F1 race was complemented by a plethora of off-track events.
The 18 demanding turns that make up the 3.6-mile Silverstone circuit have put to test the best drivers in Formula 1 history from the historic triumph of Giuseppe Farina in 1950 to current stars like Sir Lewis Hamilton, who has won a record eight times.
The circuit is still a driver favorite, with current talents Max Verstappen, Fernando Alonso, and Carlos Sainz among its recent winners.
The new deal was warmly received by F1 President and CEO Stefano Domenicali, who emphasized Silverstone’s pivotal position in the history of the sport and its enduring attraction to fans all over the globe.
“I am delighted to announce that the British Grand Prix will remain on the calendar for ten more years with this agreement,” Domenicali said in a statement.
“Silverstone is an iconic venue at the heart of F1 history and as it approaches its ninth decade hosting Grand Prix, the event continues to attract fans from around the world for fantastic racing on track and the amazing fan experience off it.
“I would like to thank Stuart Pringle and the Silverstone team for their hard work and dedication to take the British Grand Prix to new heights and I look forward to working closely with them as they look to further improve the facilities and fan experience over the next ten years.”
Seven of the teams in Formula 1 are based just minutes from Silverstone, highlighting Britain’s influence in the sport beyond the racetrack.
Thanks to innovative research and development programs, the sport has made significant contributions to the manufacturing sector, the UK economy, and creating plenty of jobs.
Furthermore, F1’s dedication to developing the next wave of British engineering and driving talent is demonstrated by its involvement in education, which includes STEM workshops and university scholarships.
The 2024 British Grand Prix is slated for July 4–7 and is anticipated to mark another thrilling event in the history of Silverstone.
