“We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport, its starting point back in 1950. Today, Formula 1 is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots: Silverstone and the British Grand Prix are an integral part of that vision.”

“We are really pleased to confirm that the British Grand Prix will stay on the FIA Formula 1 World Championship calendar for at least the next five years, with the event remaining at its longstanding home, Silverstone circuit,” said Chase Carey, Chairman and CEO, Formula 1.

It is the circuit that played host to the very first World Championship Grand Prix in 1950 and now Formula 1 is delighted to announce that Silverstone will continue as the British Grand Prix venue until at least the end of 2024.

We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport

Great Britain has played a vital role in the sport’s history and will continue to do so for the foreseeable future. Seven of the ten teams competing in the FIA Formula 1 World Championship are based in the UK, with motorsport being an important economic and technological contributor to the country.

British drivers have claimed more wins and world championships than any other nation, and this year Great Britain also has the largest number of drivers on the grid, with five-time world champion Lewis Hamilton joined by talented rookies Lando Norris and George Russell.

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“Silverstone is one of the most iconic Grands 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,” said John Grant, Chairman of the BRDC.

“2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13th May 1950 and will make next year’s event all the more special. This is great news for the BRDC, Silverstone and Formula 1 - and for millions of British motor racing fans.”

Silverstone is often amongst the most exciting events of the year and draws a massive crowd, with over 680,000 attending over the past two years alone. Once again this year, the British Grand Prix is shaping up to be one of the key sports events in the UK, with the F1 action supported by the FIA Formula 2 and FIA Formula 3 Championships, and a whole host of other attractions for race goers, such as the 'Bond in Motion' exhibition.

“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," said Stuart Pringle, Managing Director of Silverstone Circuits Limited.

“This is thanks to our track being one of the greatest drivers’ circuits in the world but also the enormous passion for motor racing that exists in the loyal and knowledgeable fans that we have in this country. 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.”