The British Grand Prix will remain on the Formula 1 calendar until at least 2024 after Silverstone secured a fresh five-year deal to continue to host the race.

Question marks have lingered over the future of the event ever since Silverstone triggered a break clause in 2017 due to rising costs, meaning this year’s race was set to be the last unless a new agreement was made.

After a breakthrough was reached in negotiations, a new deal was formally announced during a press conference on Wednesday, ahead of this weekend’s race.

“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," said F1 CEO Chase Carey.

"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.

"Today, Formula 1 is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots: Silverstone and the British Grand Prix are an integral part of that vision.”

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

The BRDC, which owns the Northamptonshire circuit, had activated its break clause in 2017 due to concerns over the escalating hosting fees agreed in the original 17-year contract that was brokered with former F1 supremo Bernie Ecclestone.

Silverstone’s initial agreement would have seen it host the British GP until at least 2026, however a five percent annual increase would have resulted in costs spiraling to £26 million by the final year of the contract, prompting the circuit owners to seek a better deal.

“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," added British Racing Drivers' Club (BRDC) chairman John Grant.

"2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13th May 1950 and will make next year’s event all the more special. This is great news for the BRDC, Silverstone and Formula 1 - and for millions of British motor racing fans”.

Silverstone circuit managing director Stuart Pringle said: “The British Grand Prix at Silverstone is rightly recognised as one of the highlights of both the F1 championship and the annual British sporting calendar.

"This is thanks to our track being one of the greatest drivers’ circuits in the world but also the enormous passion for motor racing that exists in the loyal and knowledgeable fans that we have in this country.

"The prospect of not hosting a Grand Prix at Silverstone would have been devastating for everyone in the sport and I am delighted that we are here today, on the eve of what is sure to be a fantastic event, making this positive announcement about the future.”

F1 championship leader Lewis Hamilton could create history by winning the race for a record sixth time on Sunday.

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