Formula 1’s (F1) British Grand Prix will stay at its Silverstone location through at least 2034 after a new decade-long hosting contract was announced today.

F1 has now unveiled a ten-year extension (2025-34 inclusive) with the iconic English track’s owner, the British Racing Drivers’ Club (BRDC).

This represents twice the length of the previous hosting contract, a five-year affair that was struck midway through the 2019 season for the 2020-24 cycle. This followed a period of uncertainty, which stemmed from a break clause being inserted in the hosting contract in 2017 – this would have seen the venue off the hosting list post-2019 if the last contract had not been signed.

Silverstone first hosted F1 action – indeed, the very first Grand Prix – in 1950, and the 2023 edition of the race brought in a crowd (across the whole race weekend) of 480,000. The event is now accompanied by concerts and other entertainment options.

Silverstone has hosted the British Grand Prix – which this year will be title sponsored by Qatar Airways – consecutively every year since 1987.

Stefano Domenicali, F1’s president and chief executive, said: “Silverstone is an iconic venue at the heart of F1 history and as it approaches its ninth-decade hosting grands prix, the event continues to attract fans from around the world for fantastic racing on the track and the amazing fan experience off it."

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Stuart Pringle, CEO at Silverstone, added: “This long-term commitment reflects the importance of the British Grand Prix to F1 and their acknowledgment of our ability to deliver a world-class experience for the British fans who are among the most enthusiastic and knowledgeable in the world.”

UK media has reported the deal is potentially worth as much as £300 million ($378.2 million) in total.

This year’s British Grand Prix will take place on July 7.

The circuit has been upgraded by the BRDC over recent years, and more developments and renovations are planned.

Silverstone is not the first F1 circuit to have its contract extended this month.

Earlier in February, a deal was unveiled which will see the series continue to race at Suzuka in Japan until 2029.

Suzuka's contract had previously also been due to expire at the end of the 2024 season, with the current deal having been signed in April 2021.

The 2024 season, which features a record 24-race calendar, gets underway on March 2 in Bahrain.

In November, F1 extended its deal to race in Sao Paulo in Brazil until 2030. Before that, it also extended its contract with the Belgian Grand Prix at the Spa-Francorchamps racing circuit until at least 2025.

Recently, F1 also announced that Madrid will become home to the Spanish Grand Prix in 2026, leaving previous hosts Barcelona fighting for their future as an F1 destination.

Until at least 2035, the race will be held in the Spanish capital, at a circuit built around the Ifema Madrid exhibition center close to the city’s airport.