The Formula One British Grand Prix is set to stay at Silverstone, with a deal confirming the race has been saved set to be announced as early as 10th July, according to the Press Association (PA).
The Northamptonshire circuit is in the last of year of its deal with the global motor racing series, with both parties uncertain whether a new arrangement could be secured.
Now, according to PA, Formula One and Silverstone are finalising a new contract with the financial apparently agreed, leaving only the final terms needing signing off.
The future of the sport’s oldest race has been in doubt after Silverstone, which has hosted the British Grand Prix since 1987, triggered its release clause in July 2017 in the hope of securing a better deal with its race fee was due to rise from UK£26 million (US$32 million) by 2027.
The deal was agreed with former Formula One chief executive Bernie Ecclestone, which included a clause that meant the host fee rose by five per cent year on year. But despite the circuit pulling in around 350,000 fans over the weekend, race organisers felt the financial terms were unsustainable.
Liberty Media, who bought out the sport in 2017 and removed Ecclestone from the seat of power, has been keen to secure the Grand Prix’s future, as it is Formula One’s best attended race of the season.
If confirmed, the new arrangement raises question marks over the prospect of a Grand Prix in London. Formula One has explored the possibility of staging a race in the capital, but Silverstone wants to remain the exclusive destination in the UK, fearing a competitor could harm ticket sales.
It has been reported that talks are ongoing in London, with a track around the Royal Docks most likely. It is believed the race would be one-off rather than a multi-year deal, as Liberty Media looks to push Formula One into more cities to grow the sport.
The 2019 British Grand Prix takes place on 14th July, with Lewis Hamilton aiming to win his home race for a record sixth time.