8 Dec 2009

Silverstone deal saves British grand prix

6:14 am on 8 December 2009

The British Grand Prix has been saved following a deal struck by Formula One bosses to allow the race to stay at the Silverstone circuit for the next 17 years.

The future of the oldest race on the Formula One calendar had been in doubt after rival venue Donington, which had been granted hosting rights from next year, failed to raise the redevelopment funds it needed to be able to stage the race.

That left F1 organisers with a choice between going back to Silverstone, which was stripped of the race last year because of a dispute over the upgrading of the venue, or the more lucrative option of moving the race to another country.

The Times newspaper estimates the 17-year deal to be worth 700-million dollars.