Ten-year F1 deal keeps British Grand Prix at Silverstone until 2034

Combined with a boom in F1’s audience, Silverstone has seen record crowds and expanded its capacity — although high demand did lead to a failure of its online ticketing system two years ago, amid ticket prices that were rising from one hour to the next as entire tranches were snapped up.

Over the course of the new deal, the Escapade apartment complex on the outside of Becketts will be completed and there are plans for a karting complex, as the track continues to evolve as new venues like Las Vegas raise expectations of track facilities further.

“I would argue very strongly that we are leading the way for traditional circuits in showing what F1 is nowadays,” said Pringle last year. “I don’t think there is anybody from the established circuit brigade and certainly not from the cornerstone races who have embraced this way of operating with quite the same verve as we have.

“It is so important to have this deal securing Silverstone as the home of the British GP for a decade.

“I really enjoy the challenge of promoting a race in the manner to which F1 under its now quite established ownership structure want it delivered. They push us, it’s good for us, we are constantly aware of the bar being raised.”

F1’s commercial rights holders have been agreeing much longer-term contracts with race promoters, which offers more stability and greater incentive to invest. Jeddah, Miami, Montreal and Budapest are among the locations that have contracts into the next decade. Bahrain has a deal until 2036, while Albert Park will host the Australian Grand Prix until 2037.

Having hosted the first world championship race in 1950, Silverstone then shared the British Grand Prix with Aintree for the second half of the decade, with each circuit hosting on alternate years.

That pattern continued in the 1960s, but with Brands Hatch hosting half of the races until 1987, since when Silverstone has been the sole host of the race.

“Silverstone is the jewel in the crown of British motor sport, an iconic circuit loved by fans, drivers and teams the world over,” said Greg Smith MP, co-chair of the All-Party Parliamentary Group for Motorsport, which has strongly backed Silverstone. “It is so important to have this deal in place, securing Silverstone as the home of the British Grand Prix for a decade.

“My congratulations to Stuart Pringle and his whole team for getting this deal and for the incredible job they’re doing for the sport and for the United Kingdom.”