After a prolonged period of uncertainty, the British Grand Prix has finally been saved, and will be held at Silverstone for the next 17 years.
The future of the British Grand Prix was put in jeopardy when the deal to hold the race at Donington fell apart, after the circuit’s leasing company were unable to secure the necessary funding to continue the redevelopment of the track.
The announcement was made earlier today by the British Drivers Racing Club (BRDC) and Silverstone.
Former F1 World Champion and BRDC president Damon Hill said:
“We are delighted that the long term future of the British Grand Prix has been secured and that Formula 1 will be remaining at Silverstone, its natural home in Great Britain, for at least the next 17 years.
“This long term contract will enable us to continue with our plans to develop Silverstone into a world class facility, bringing the venue into line with the very best sports facilities in the world for the benefit of all race goers, teams, drivers and fans.
“On a personal note, I would like to thank the team at Silverstone, our board of the BRDC, the membership of the BRDC and those in the industry who have been unwavering in their support.
“We have now secured the blue riband events in both two and four wheeled World Championships, and are looking forward to an exciting future.”
Work to building a new pits and paddock complex will begin after Christmas, and it is hoped this work will be complete by the time the 2011 race comes round.
Formula One Management president Bernie Ecclestone, said:
“I am pleased that we have reached an agreement with Silverstone for the retention of the British Grand Prix.
“This will ensure that Great Britain will remain on the Formula One calendar for many years to come, which is something I have personally always wanted to see happen.
“The team at Silverstone already knows how to organise a good event, so now everyone can look forward to next summer at Silverstone.”
2008 Formula 1 World Champion Lewis Hamilton has also spoken of his delight at today’s news. The McLaren driver said:
“Firstly, it’s fantastic news the British Grand Prix will stay on the calendar for 2010. Secondly, it’s great the race will be at Silverstone.
“The place has an atmosphere money can’t buy and I have some fantastic memories of the track, winning both races in GP2 in 2006, getting an incredibly emotional and satisfying pole in 2007 and winning in the wet in my championship year.”
“Most importantly, those achievements have all been underlined by the reaction and support of the Silverstone crowd, which has always been fantastic. British fans are the greatest Formula One supporters in the world and this must be the best Christmas present they could ever ask for.
“I can’t wait to come home to the British Grand Prix next year when both Jenson and I will be flying the flag for Britain and doing our best to win the race.”
The 2008 British Grand Prix was a thrilling race in the wet and showcased a stunning drive from Lewis Hamilton in the McLaren Mercedes, who went on to win the race from fourth place on the grid. Here’s a reminder.
And I’ve no doubts there will be more thrilling races to come in the next 17 years. 
