The British Racing Drivers’ Club has announced that it has secured a deal to host the British Grand Prix at Silverstone for the next 17 years.

Following Donington Park’s failure to raise the necessary funds to host the event, Silverstone was keen to secure a contract with Bernie Ecclestone as long as it was financially viable.

The news comes as a great relief to Formula 1 fans around the globe as the track is widely considered to be ‘the home’ of the British GP and is the local circuit for many of the Grand Prix teams.

Thanks to the 17-year deal, Silverstone can forge ahead with plans to upgrade the circuit safe in the knowledge that it is not only host to the MotoGP championship until 2015, but also the British Grand Prix until 2027. Work on a new pitlane and paddock is due to start immediately after Christmas and will be finished for the 2011 race.

“I am pleased that we have reached an agreement with Silverstone for the retention of the British Grand Prix,” said Ecclestone. “This will ensure that Great Britain will remain on the Formula 1 calendar for many years to come, which is something I have personally always wanted to see happen. The team at Silverstone already knows how to organise a good event, so now everyone can look forward to next summer at Silverstone.”

BRDC president Damon Hill was understandably pleased that an agreement had finally been reached. “On a personal note, I would like to thank the team at Silverstone, our board of the BRDC, the membership of the BRDC and those in the industry who have been unwavering in their support,” he said. “We have now secured the Blue Riband events in both two and four-wheeled World Championships, and are looking forward to an exciting future.”

I think you will all join us at the Motor Sport office in raising a glass to the BRDC, and letting out a huge sigh of relief..