LONDON - The British Grand Prix will be held at Silverstone for the next 10 years after the announcement of a new long-term deal with the venue on Thursday.
Silverstone's five-year contract with Formula One's American owners Liberty Media was up for renewal this year.
The Northamptonshire track, owned by the British Drivers' Racing Club, has battled speculation that it could lose the prestigious Grand Prix in recent years.
But Thursday's fresh deal, worth a reported £30 million ($37 million) per year, keeps the race at Silverstone until at least 2034.
"I am delighted to announce that the British Grand Prix will remain on the calendar for 10 more years with this agreement," F1 president Stefano Domenicali said.
"Silverstone is an iconic venue at the heart of F1 history and as it approaches its ninth decade hosting Grands Prix, the event continues to attract fans from around the world for fantastic racing on track and the amazing fan experience off it."
The British Grand Prix has been an ever-present on the F1 calendar, dating back more than 70 years, with Silverstone staging the sport's first world championship race in 1950.
A record-breaking crowd in excess of 150,000 watched Max Verstappen win last year's British Grand Prix, with nearly half a million spectators passing through the gates over the course of the weekend.
Silverstone chief executive Stuart Pringle added: "This long-term commitment reflects the importance of the British Grand Prix to Formula One and their acknowledgement of our ability to deliver a world-class experience.
"The cheers of support for the home teams, and particularly for the British drivers on the grid, makes the Silverstone atmosphere unique."
Liberty has flirted with the idea of staging a street race in London, but a number of roadblocks have thwarted any serious progress.
The American company's commitment to Silverstone comes just weeks after a new race in Madrid was confirmed from 2026.
The new F1 season starts in Bahrain on March 2, with Silverstone hosting the British Grand Prix on July 7.