The British Racing Drivers’ Club – owners of the Silverstone circuit – signed a new five-year deal with Formula One supremo Bernie Ecclestone who had threatened to pull the plug on the race unless agreement could be reached this week.
Negotiations had stalled after Ecclestone insisted on a seven-year deal – while the BRDC were only prepared to agree a shorter deal. The new compromise deal means the race will continue at the track until 2009.
In a joint statement, BRDC president Sir Jackie Stewart, and chairman Ray Bellm, said: “After long drawn out discussions we have reached a satisfactory conclusion.
“There has been much public debate on the future of the British Grand Prix. We hope that this agreement heralds a more stable and secure future for the race and consequently for our industry and sport in the United Kingdom.”
Ecclestone said he was ‘extremely happy’ about the deal.
