Silverstone and the British Racing Drivers Club (BRDC) has announced that the Formula 1 Grand Prix will continue to be held at Silverstone until at least the end of 2024.

The agreement between Formula 1, the BRDC and Silverstone Circuit was signed on Tuesday (July 9) in London, in the run up to the Formula 1 Rolex British Grand Prix 2019 this weekend.

The BRDC has owned and operated the circuit for 70 years, which is the only venue licensed to run a Grand Prix in Britain.

The organisation has invested £50 million over the last 10 years to develop Silverstone – creating a venue for fans to enjoy the sporting event. This weekend’s event will attract more than 340,000 spectators making it one of the best attended Grand Prix in the world.

John Grant, chairman of BRDC, stated: “Silverstone is one of the most iconic Grand 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.

“2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on May 13 1950 and will make next year’s event all the more special.”

Stuart Pringle, managing director of Silverstone Circuits, said: “The British Grand Prix at Silverstone is rightly recognised as one of the highlights of both the F1 championship and the annual British sporting calendar.

“The prospect of not hosting a Grand Prix at Silverstone would have been devastating for everyone in the sport and I am delighted that we are here today, on the eve of what is sure to be a fantastic event, making this positive announcement about the future.”