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Silverstone secures British Grand Prix for next five years

Silverstone will play host to the British Grand Prix this weekend. David Goddard/ Getty Images

Formula One has confirmed the British Grand Prix will remain at Silverstone until 2024, ending two years of speculation about the future of the race.

The new agreement was signed in London on Tuesday by Formula One and the British Racing Drivers' Club (BRDC), which owns Silverstone.

The future of the race was thrown into doubt in 2017 when Silverstone exercised a break clause in its existing contract that meant 2019 would be the last race at the former RAF airfield. The BRDC argued that the original contract -- agreed with former F1 boss Bernie Ecclestone and due to run until 2027 -- was not financially viable for Silverstone after it made combined losses of £7.6m in 2015 and 2016.

By exercising its break clause, the BRDC brought F1's new owners, Liberty Media, to the negotiating table and after two years of talks the new five-year deal was announced at Silverstone on Wednesday.

"We are really pleased to confirm that the British Grand Prix will stay on the FIA Formula One World Championship calendar for at least the next five years, with the event remaining at its longstanding home, Silverstone circuit," F1 CEO Chase Carey said. "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 One is a global sport, held on five continents, watched by an audience of 500 million fans around the world. 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."

With Silverstone secure, F1 will turn its attention to completing a new contract with the Italian Grand Prix after agreeing financial terms with The Automobile Club d'Italia earlier this year.

Contracts with the Spanish, German and Mexican Grands Prix are also due to expire at the end of the year, but new races in Vietnam and the Netherlands are already agreed as part of the 2020 calendar.