Formula 1 is expected to announce a fresh deal for the British Grand Prix, with a press conference scheduled on Wednesday at Silverstone.

The FIA confirmed a press conference will take place on Wednesday afternoon at the Northamptonshire track, with F1 CEO Chase Carey, British Racing Drivers’ Club (BRDC) chairman John Grant, and Silverstone managing director Stuart Pringle all in attendance.

Silverstone’s future as the home of the British GP had been the subject of uncertainty after it triggered a break clause in its contract back in 2017 due to rising costs.

An original 17-year deal was agreed with former F1 supremo Bernie Ecclestone, a contract which included a five percent hosting fee that was set to rise to £26 million by 2026, resulting in Silverstone seeking a better deal.

Having activated the break clause, this year’s British GP was set to be the last, though F1 owners Liberty Media had been keen to keep the race on the calendar beyond this season.

Despite Silverstone’s concerns about a potential rival UK race on the streets of London, it appears a breakthrough has been reached between both parties.

The British GP has been an ever-present on the F1 calendar since the championship’s formation in 1950, while Silverstone has been the race’s permanent home since 1987.

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