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British Grand Prix: New Silverstone deal expected to be announced

Lewis Hamilton celebrates winning the British Grand Prix

Formula 1 is expected to announce a new British Grand Prix contract at a news conference on Wednesday.

F1 boss Chase Carey is attending the event with Silverstone managing director Stuart Pringle and John Grant, the chairman of circuit owner the British Racing Drivers’ Club.

The race’s future has been in doubt after Silverstone exercised a break clause in its contract because it was too expensive.

But a new multi-year deal to keep the race at Silverstone is believed to have been agreed in the past week.

Silverstone had been on the brink of signing a new contract only for concerns to emerge in June when F1 informed the track of plans to hold a race in London in the next few years.

Silverstone was worried a second race in Britain could make the British Grand Prix financially unsustainable as a result of a dip in attendance.

But the track and F1 appear to have found a way out of the impasse.

F1 owner Liberty Media pledged to protect the future of the sport’s landmark historic European races when it bought the sport in 2017.

However, Silverstone’s future has continued to be bone of contention, as it was for previous F1 boss Bernie Ecclestone for many years.

In 2017, Silverstone exercised a break clause in a contract that could have run until 2026 because it said the ‘escalator’ clause in the deal, which saw the price rise by 5% each year, made it unaffordable.

Both Silverstone and F1 have always maintained they wanted to keep the race on the calendar, but it has taken two years to find a solution that satisfies both parties.

Wednesday’s expected announcement comes after F1 said earlier this year that it had agreed terms on a deal to secure the Italian Grand Prix at Monza, the oldest race on the calendar, until 2024.

This article is from the BBC Sport website / bbc.co.uk - British Grand Prix: New Silverstone deal expected to be announced

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