British GP strike deal with Silverstone and F1 moving forward.

Everyone was happy to learn on Thursday that Silverstone will host the British Grand Prix for at least another ten years, thanks to a new 10-year agreement with Formula 1.

An increasing number of venues have committed to long-term agreements in recent months. Due to its 2037 expiration date, Melbourne leads the field of races whose spots are assured until at least 2030, with ten in total.

Longer agreements provide Formula One (F1) with a reliable stream of race-hosting fee revenue well into the future.

Since the schedule is unlikely to go beyond 24 or 25 events at most, it was beginning to resemble a game of musical chairs for the race promoters. If you blink, you will miss it.

Silverstone was left as the final site, with a contract expiring in 2024 and no guaranteed berth after this season, after Suzuka was confirmed until 2029 earlier this month.

The announcement of the Japanese Grand Prix occurred soon after the well-liked Barcelona circuit was abandoned in favor of a street race in Madrid starting in 2026, and there were murmurs of a potential London event.

The British fans did not need to worry if they were starting to feel a little uneasy. Everything was under control, and the only question left was when the statement from Silverstone would come.

In summary, although Formula One is venturing into new markets and chasing an increasing number of city circuits, its CEO, Stefano Domenicali, is cognizant of the necessity for the sport to retain a core of conventional sites.

This also clarifies why Suzuka’s future was assured despite a possible street race in neighboring Osaka showing hesitant interest.

Silverstone holds a unique position in the natural hierarchy of venues since it is the home race for seven of the teams and the headquarters of the Formula One organization.

CEO of the circuit Stuart Pringle adds, “I never thought anyone was going to gazump the British Grand Prix.”

In 2025, it is 75 years old. Most years, it’s one of the best races of the year. It’s the most popular, or almost the most. Because there is almost little air travel required for the teams to get here and a 98% UK audience, it is the most sustainable competition and is extremely popular with the local teams.

According to Pringle, experience favors Silverstone and the frequent announcements regarding contract renewals for other venues did not create any more pressure in the negotiations with F1.

He continues, “It’s pretty obvious that experience is valued in F1.” “Adding new promoters carries a significant amount of risk. It’s not simple. When Liberty Media advertised Las Vegas, they saw firsthand that there are difficulties.

By the way, I think they did a great job. It was a really good Grand Prix, in my opinion, as I witnessed it. But it’s incredibly difficult. It also carries a high danger.

“And amongst the top three of us that operate the Grand Prix, there’s a lot of expertise and retained knowledge in this business. Together, the three of us—me, our operations director, and our circuit manager—have delivered more than 80 Grands Prix. Thus, a great deal of knowledge exists, and it is valuable.

“They won’t get any more money from anyone,” he declares. You’re not capable of it. You have incurred no fees. In the UK, there is no support for the public money support. It was just a bunch of hot air on all levels.

The length of the agreement was the only aspect of Thursday’s statement that came as a surprise. Although Suzuka’s recent contract extension was also for a similar duration, Silverstone often signs contracts for five years, suggesting that not everyone can commit to the long term—in fact, F1 really encourages them to do so.

Were there any hazards associated with Silverstone’s 10-year committment, considering the substantial financial outlay that it represented?

According to Pringle, “having a long-term deal carries a lot less risk than not having a race.” If by this you imply that there will be ups and downs over a ten-year span? Yes, without a doubt.