Silverstone seals new five-year contract with F1

11 Jul 2019

By: Sport Industry Group

Silverstone will continue as the home of Formula One’s British Grand Prix until at least 2024 after a new five-year deal was struck between the circuit and the series.

The 2019 British Grand Prix was due to be the last under the two parties’ previous agreement but the race’s immediate future on the F1 calendar has now been secured.

The deal was agreed in London between F1, Silverstone and the British Racing Drivers’ Club (BRDC).

The British Grand Prix has attracted 680,000 fans over the past two years. The 2019 event will be supported by Formula 2 and Formula 3 action and a range of other attractions, such as the ‘Bond in Motion’ exhibition.

Silverstone hosted the first F1 grand prix in 1950. With seven of the 10 F1 teams currently based in the UK, F1 noted the importance of motorsport’s economic and technological contribution to the country.

Chase Carey, Chairman and Chief Executive of F1, said: “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.”

BRDC Chairman John Grant added: “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.”