British Grand Prix: Silverstone Formula 1 contract extended till 2034

The historic Silverstone will host the British Grand Prix until at least 2034, per a new 10-year agreement with Formula 1. The decision signifies a phase of increased stability for the United Kingdom’s position on the Formula One schedule, following years of unpredictability.

Stefano Domenicali, president and chief executive officer of Formula One, remarked that Silverstone “is an iconic venue” that is “central to F1 history.” In 1950, the inaugural F1 world championship race was conducted at Silverstone.

Domenicali stated, “It continues to draw fans from around the globe due to the incredible fan experience off the track and the fantastic racing on it.” In an initial social media video, the agreement was shared alongside British Formula One drivers George Russell and Lando Norris.

Recognising itself as the epicenter of British motorsport, Silverstone is under the ownership of the British Racing Drivers’ Club (BRDC).

It was a joint participant in the British Championship round from 1955 to 1986, before being replaced by Brands Hatch and Aintree. Since 1987, it has continuously played host to the race, and during the height of the Covid-19 pandemic in 2020, it even organized two grands prix in a single year.

By organizing music concerts and additional forms of amusement throughout the weekend, Silverstone was among the first grand prix events to diversify its offerings to attendees. F1 owner Liberty Media’s strategy to expand the sport’s allure is predicated on this methodology.

The weekend attendance at last year’s race, which was secured by Max Verstappen, surpassed all others at 480,000; it was the highest-ever combined attendance for any track throughout the 2023 season.

Liberty’s aspiration to broaden the schedule and establish new races in proximity to significant population centers has imposed strain on numerous traditional and historic races, irrespective of their standing within the sport.

The durability of the renowned Spa-Francorchamps track in Belgium, for instance, is indeterminable due to several access-related concerns regarding modernization.

The final contract Silverstone signed was for five years in 2019 and was signed at the eleventh hour, after the track announced it could no longer afford the race fee. The circuit is temporarily exempt from those concerns due to its recent contract.

Stuart Pringle, chief executive officer of Silverstone, stated, “This long-term commitment demonstrates that Formula 1 recognises the British Grand Prix as a significant event and that they have faith in our ability to provide a superior experience for the fervent and informed British fans.” “The Silverstone atmosphere is unparalleled; especially when it comes to the British drivers on the grid, the cheers of support for the home teams are unparalleled.” “I am eager to capitalize on this fervor for our sport in the future decade and elevate the event to a higher standard.”

Modernization efforts at Silverstone in recent years have included the construction of an on-site hotel and museum. BRDC has committed to implementing additional facility upgrades at the track throughout the duration of the new contract.

The chairman of the BRDC, Peter Digby, stated, “This contractual security will serve as a firm foundation for the venue’s continued transformation and improvement into a year-round international motorsport and leisure destination.”