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Silverstone

How Silverstone secured British GP future with ten year F1 deal

Silverstone

For British Formula 1 fans, the news they had all been waiting for was finally announced as we headed into the weekend and we now have confirmation that the British Grand Prix will continue to be held at Silverstone until at least the end of the 2034 season

The historic track finally got a new ten-year deal agreed with Formula 1 which bodes well for the future. This report sheds light on why that is the case.

Having staged the first F1 world championship race back in 1950, in more recent times there has been an air of uncertainty surrounding their place on the F1 calendar as we looked more to the future, but with this deal agreed for the next decade it will provide some much-needed stability for the British Racing Drivers’ Club (BDRC) who bills Silverstone as the home of British motorsport.

Racing fans who seek betting advice and the best bookmaker to choose from can check the Wincomparator website where they reviewed the highest bonuses available for Formula 1. While they may not have expected the new deal to run for that kind of contract length, there will not be many who are disappointed that the deal has again gone through.

In a statement confirming the deal after it was first announced on social media by British drivers George Russell and Lando Norris, after which F1 president and chief executive, Stefano Domenicali called the Silverstone track ‘an iconic venue’ and restated its position as being at the heart of F1 history: “It continues to attract fans from around the world for fantastic racing on track and the amazing fan experience off it.”

The tracks history does speak for itself, from 1955 to 1986 it shared Britain’s round of the championship with Aintree and then Brands Hatch, and from 1987, it has now hosted the race itself every year since – even holding two grands prix at the height of the Covid 19 pandemic back in 2020.

The former RAF airfield has been on the F1 calendar since 1950 hosting the first Grand Prix ever

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Silverstone were also one of the first tracks to diversify its offering to fans on a race weekend by introducing music concerts and other entertainment events, and this is now at the heart of the approach of F1 owner Liberty Media’s attempts to further grow the sport, drive fan engagement and simply broaden racing appeal to a wider audience.

With Max Verstappen winning last year’s race, the weekend drew in a record crowd of 480,000 fans, which was the largest combined attendance for any track during the entire 2023 season, and that would have undoubtedly counted in their favour with Liberty Media looking to expand the calendar and bring in new races that are close to major population centres.

This in turn has put pressure on more traditional and historic tracks with issues over outdated facilities, modernisation and access coming to the fore. Those issues are now off the table for Silverstone, and it will be a welcome relief as they only signed a five year contract back in 2019, and that came at the eleventh hour after the track said it could no longer afford the fee for the race – so with ten years now being agreed clearly something in the planning has changed.

How much of that has been down to the modernisation already done in recent years, such as the opening of the museum and on site hotel, or whether it is more based on the plans they have for further improvements across the life of the new contract, well, that remains to be seen

Silverstone chief executive Stuart Pringle said of the deal: “This long-term commitment reflects the importance of the British Grand Prix to Formula 1 and their acknowledgement of our ability to deliver a world-class experience for the British fans, who are among the most enthusiastic and knowledgeable in the world.”

With the contractual security now in place, time will tell how quickly the further development plans begin to progress. Whatever the case, the British Grand Prix at Silverstone for the long-term is goo news all around.