Silverstone Wins 17-year F1 Deal

Silverstone has agreed a 17-year deal to host the British Grand Prix from 2010, ensuring the race is not axed from the F1 calendar.

The Northamptonshire circuit stepped in to stage the race, which next year takes place on 11th July, after Donington Park was stripped of the rights.

Under the deal, Silverstone will redevelop the pit lane and paddock. Work is due to start as soon as possible after Christmas but is not expected to be completed until 2011.

Damon Hill, president of the British Racing Drivers’ Club that owns Silverstone, commented: ‘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.’

F1 chief Bernie Ecclestone welcomed the deal, adding: “This will ensure the British Grand Prix is included on the Formula 1 calendar for many years to come, which is something I’ve always wanted.

‘The team at Silverstone already know how to organise a good event and now everyone can look forward to next summer at Silverstone.’

The 2010 race calendar will be officially released later this week, when the Silverstone showpiece will be confirmed for Sunday, 11th July – the same day as the 2010 World Cup final.

Talks had been ongoing between Formula One Management (FOM) and Silverstone since Donington Park failed to show it had the necessary £135m funding.

The main delay in establishing a deal appears to have been the length of the contract and the inclusion of a 7% annual escalation fee.

Silverstone, which first staged the British Grand Prix in 1948, admitted it needed to improve its ageing facilities but insisted it required the security of a longer-term contract to justify and help raise the finances needed to upgrade.

The contract on the table was believed to demand a £12m fee for 2010, with an increase of 7% per year after that. However, it is now understood the increase has been pegged at 5%.

There is also a clause in the contract that allows either side to end the contract after 10 years.

Silverstone is also set to stage the British MotoGP in 2010 on a modified track. The revamped layout will also be used for the F1 race, as long as Silverstone officials can get approval from the FIA, the sport’s world governing body. If not, they will stick with the old circuit.