Silverstone to remain home to the British Grand Prix until 2034 - helping Banburyshire's economy

The new deal will see Silverstone race into its ninth decade having hosted the first ever Formula 1 Grand Prix in 1950.

The British Grand Prix has become one of the largest attended events on the F1 calendar and is a big attraction for the Banbury and south Northants areas, boosting the tourism and hospitality economies.

Silverstone CEO Stuart Pringle said: “This long-term commitment reflects the importance of the British Grand Prix to Formula 1 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.”

Last year attracted some of the biggest names in sport, music and culture, as the race drew in a record crowd of 480,000 across the weekend with over 60,000 fans camping and renting accommodation in the local area.

Great Britain has always played a pivotal role in Formula 1 and today it is home to seven teams competing in the World Championship, many located just a few miles from the circuit in Banburyshire.

This year, fans will enjoy a weekend filled with great racing as well as off-track entertainment including concerts every evening on Silverstone’s main stage headlined by music’s biggest artists, including Stormzy and Kings of Leon.

The 3.6 mile (5.8km), 18-corner Silverstone circuit has been revered by drivers through the ages. 74 years on from Giuseppe Farina’s first victory, a roll call of Formula 1 royalty have taken the chequered flag including Alberto Ascari, Sir Stirling Moss OBE, Juan Manuel Fangio, Jim Clark OBE, Jack Brabham AO OBE, Sir Jackie Stewart OBE, Niki Lauda, Alain Prost, Michael Schumacher, and Sir Lewis Hamilton MBE, who has a record eight victories.

Three other members of the 2024 grid have claimed victory around the famous circuit including two-time winners Max Verstappen and Fernando Alonso, and Carlos Sainz who took his maiden victory there in 2022.

Throughout its history, F1 has contributed significantly to the wider UK economy, creating thousands of jobs and boosting the country’s manufacturing industry through pioneering research and development projects.

F1 also works closely with UK universities and schools to drive interest in STEM subjects, fully funding full-time university scholarships at five universities, running STEM skills workshops across the country and hosting career insight days for school students.

The Formula 1 Qatar Airways British Grand Prix 2024 will take place from July 4 – 7.Peter Digby, Chairman of the British Racing Drivers’ Club, said: “I am delighted we have secured a 10-year extension to host the Formula 1 British Grand Prix at Silverstone. 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 2024 Formula 1 season will start with 9 BRDC Full and Honorary members on the grid and the importance of our continued support of young drivers is particularly evidenced by the success of Lewis, Lando, George and Alex.”