The future of the British Grand Prix at Silverstone has been secured for another decade following the announcement of a new long-term deal.

Silverstone’s five-year contract with F1’s American owners Liberty Media was up for renewal this summer.

And while – unlike in previous years – the race at the Northamptonshire track owned by the British Drivers’ Racing Club was not in major doubt, Thursday’s announcement safeguards one of the jewels of the country’s sporting summer until at least 2034.

The deal is understood to be worth around £300million, or £30m per year.

A record-breaking crowd in excess of 150,000 attended last year’s Grand Prix with nearly half a million spectators passing through the gates over the course of the weekend.

F1 president and CEO Stefano Domenicali said: “I am delighted to announce that the British Grand Prix will remain on the calendar for 10 more years with this agreement.

“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.”

Silverstone chief executive Stuart Pringle added: “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.

“The cheers of support for the home teams, and particularly for the British drivers on the grid, makes the Silverstone atmosphere unique.”

The British Grand Prix has been an ever-present on the F1 calendar, dating back more than 70 years, with Silverstone staging the sport’s first world championship race.

Liberty has flirted with the idea of staging a street race in London, but a number of roadblocks have thwarted any serious progress.

Liberty has also been criticised for taking the sport away from its traditional European heartland. But the American conglomerate’s commitment to Silverstone comes just weeks after a new race in Madrid was confirmed from 2026.

The new F1 season starts in Bahrain on March 2, with Silverstone hosting the British GP on July 7.