Recent reports in the media suggested that Silverstone’s owners, the British Racing Drivers’ Club (BRDC), had already made a call that it no longer wished to continue with the race beyond 2019.

It was suggested it would activate a break clause it has in its contract that allows it to end its deal prior to the 2020 race, in the hope of renegotiating the terms of its agreement.

However, in a statement issued on Friday night, the BRDC made it clear that it was still evaluating its best course of action – and suggested nothing would happen until the eve of next year’s race.

Under the terms of its British GP contract, Silverstone must notify F1 supremo Bernie Ecclestone before this year’s event if it wants to cancel its contract.

John Grant, the chairman of the BRDC, said: “Our objective is to preserve the British Grand Prix at Silverstone for many years to come but, of course, we can only do this if it makes economic sense.

“As I have said before, we will be considering over the next six months if we should give notice of our intention to exercise the break clause in our Grand Prix contract at the end of 2019. No decision has been made, or will be made, until mid July.

“In the meantime, we will be using this period to explore with all interested parties, hopefully in private, various ways in which we might work out a more sustainable proposition."