Uncertainty over the future of the British Grand Prix is over after Silverstone announced a deal has been signed to stage the event for the next 17 years.
The future of the British Grand Prix had been fragile following Donington Park's failure to come up with the necessary re-development funds. They had originally prized the event away from Silverstone.
The new agreement states Silvertsone, which first staged an F1 race in 1948 will be redeveloped with particular focus on the paddock and pit lanes.
"This announcement is tremendous news," said 1996 F1 world champions Damon Hill. "It's not easy to enter into an agreement of this magnitude. It's a big commitment. But the BRDC felt we wanted this relationship to continue, and we were prepared to back the negotiating team, with the level of risk satisfactory for the deal to go ahead."