The arrangement puts the race on a par with many other events that have announced long-term deals in recent months.

The circuit used social media to announce “TEN. MORE. YEARS. We're delighted to announce Silverstone will remain on the F1 calendar until at least 2034!”, with an added contribution on video from local F1 heroes George Russell and Lando Norris.

Silverstone was the last race that had a deal expiring in 2024 after the Japanese GP was confirmed last week as staying at Suzuka until 2029.

The continuity gives the circuit and the BRDC the opportunity to be able to ramp up investment on infrastructure while knowing that the venue’s main event is secure.

Silverstone’s previous deal ran for a more typical five years, but the venue was obviously keen not to be left behind as more and more races secure their places on the calendar well into the future.

Other events with long term deals include Austria and Saudi Arabia (2030), Canada (2031), Hungary and Qatar (2032), Australia (2037), Abu Dhabi and the new Spanish GP venue in Madrid (2035) and Bahrain (2036).

Silverstone famously didn’t always have a harmonious relationship with F1 in the Bernie Ecclestone era, but that improved in the Liberty era.

Crowd gathers at British GP 2023 podium

The track also improved its standing by being among the first to commit to running events during the COVID-hit 2020 season, holding both a British GP and a 70th Anniversary GP.

“I am delighted to announce that the British GP will remain on the calendar for ten more years with this agreement,” said F1 CEO Stefano Domenicali.

“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.

“I would like to thank Peter Digby and the BRDC as well as Stuart Pringle and the whole Silverstone team for their hard work and dedication to take the British GP to new heights and I look forward to working closely with them as they look to further improve the facilities and fan experience over the next ten years.”

Silverstone CEO Pringle, the man who has helped to build a more positive relationship with F1 in recent years, said: “This long-term commitment reflects the importance of the British GP to F1 and their acknowledgement of our ability to deliver a world-class experience for the British fans who are among the most enthusiastic and knowledgeable in the world.

“The cheers of support for the home teams, and particularly for the British drivers on the grid, makes the Silverstone atmosphere unique and I am looking forward to harnessing this passion for our sport and taking the event to the next level in the coming decade.”

BRDC chairman Digby added: “This contractual security will provide a solid base for the further development of the venue as we continue to improve and transform the circuit into a year-round international motorsport and leisure destination.”

The new deal also puts an end to ongoing speculation about the prospects of an F1 street event in London, with the country unlikely to ever be granted a second race.