The British Grand Prix will remain on the Formula One calendar for the next five years after Silverstone bosses finally thrashed out a deal.
The long-term future of the British showdown beyond this year had been in doubt after the circuit triggered a break clause in their contract with F1.
Silverstone's owners, the British Racing Drivers’ Club (BRDC), were frustrated over the cost of hosting the race and wanted a better deal financially.
And it is understood the two parties – the BRDC and F1's owners Liberty Media – put the finishes touches on a new five-year deal in central London on Tuesday.
The announcement comes ahead of this weekend's British GP at Silverstone and is a huge boost to the future of motor racing on these shores.
F1's boss Chase Carey said: “We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport, its starting point back in 1950.
"Today, Formula 1 is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots.
"Silverstone and the British Grand Prix are an integral part of that vision.”
It puts an end to a two-year long saga and there were threats that this Sunday's Grand Prix could have been the last at Silverstone.
The hosting fees in the previous deal were set to rise each year under the terms of the contract the BRDC had with former Formula One supremo Bernie Ecclestone.
Those costs started at £11.5million in 2010 and were due to rise to £25m by 2026, when the previous contract would have expired before the escape clause was triggered.
The British GP is one of the stand-out races on the calendar and last year welcomed a record 340,000 crowd over the race weekend.
A similar turn out is expected this weekend when home hero Lewis Hamilton looks to extend his championship lead over Mercedes team-mate Valtteri Bottas.
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