The British MotoGP will remain at Silverstone for the next two seasons following the collapse of a deal between Donington Park and prospective event holders, the Circuit of Wales.

Silverstone, which has hosted the event since 2010, looked set to lose MotoGP after the Circuit of Wales clinched a long-term contract with Dorna from 2015.

Since the Welsh venue is yet to start construction of its own track, the Circuit of Wales then reached an agreement with Donington Park for this year's round. However that partnership turned sour over funding and contractual issues, with a split announced between the two parties.

As the only other venue capable of holding such an event, Silverstone has duly secured a renewed deal that will not only see it host the race in 2015, but also in 2016.

That timeline means the Circuit of Wales has postponed its planned MotoGP debut by one season.

The company is currently preparing for a public inquiry over the de-registering of common land located within the proposed 830-acre motorsport complex, which it hopes will mark the final stage of the planning process.

"A lot of work has been done over recent years to ensure MotoGP fans enjoy what Silverstone has to offer and it was devastating for the venue to lose the event last autumn," said managing director Patrick Allen.

"I welcomed the opportunity to meet with both Dorna and the Circuit of Wales recently so that we could try and find a way to keep MotoGP in the UK and racing at Silverstone. Two wheel racing is as much a part of Silverstone's heritage as four wheel racing and I am obviously delighted to be in a position to announce we are hosting both the F1 and MotoGP Grands Prix in 2015."

"We have recently introduced a family friendly pricing policy for the Formula 1 British Grand Prix which is proving extremely popular and over the next two weeks I will be working closely with my team at Silverstone to launch a ticket model for MotoGP(TM) that I hope will be equally well received by fans."

Following the end of its deal with Donington Park, Circuit of Wales' Michael Carrick has expressed his gratitude at Silverstone's swift move to assume its place on the calendar.

"We are delighted to announce that we have reached agreement with Silverstone to host the 2015 and 2016 British rounds of MotoGP," he said. "We want to thank the new management at Silverstone, our partners at Dorna and our investors for the rapid response needed to support the 2015 event when it became clear that we would be unlikely to conclude the contractual arrangements at Donington.

"We are delighted to secure the future of the event for the next two years while our circuit in Wales is under construction. Today's announcement ensures we will have the 2015 MotoGP(TM) event in the UK."

"We continue to advance our development activity on the Circuit of Wales and are focused on the upcoming public inquiry into the de-registration of the common land. We expect construction to commence once this inquiry has concluded."