Bernie Ecclestone, who is now promoter of the race, following a decision by IPG to bail-out of its long-term deal, agreed the new deal with the track owners, the British Racing Drivers’ Club (BDRC).
However, the extended deal which runs up to and including the 2006 race, is subject to certain conditions to improve the circuit.
Said the statement: “The deal has been agreed on the understanding there will be significant long-term investment at Silverstone to raise the standards of the circuit and its facilities to the level of its international competitors.”
The final legal details of IPG’s withdrawal as promoter are still being finalised, while talks are on-going about a new promoter for the race.
