7 Dec 2009

Silverstone saves British Grand Prix

6:47 pm on 7 December 2009

Silverstone circuit's owners have secured the future of the British Grand Prix after agreeing a deal with Formula One supremo Bernie Ecclestone.

The Times website said Ecclestone had agreed to forego fees amounting to 60 million pounds ($99.50 million) over a 17-year period as part of a 310 million pound deal with Silverstone to save the race.

It said the deal included a five percent annual escalator clause, instead of the seven percent that Ecclestone reportedly demanded initially, with a break clause after 10 years.

Next year's British race is due to be held on July 11, the same day as the World Cup final in South Africa.