Silverstone has a long association with F1, hosting the very first World Championship Grand Prix staged in 1950.
Its previous deal was set to expire at the end of 2024 however organisers have been working towards a new contract for some time.
The new 10-year extension will see Silverstone enter its ninth decade in association with F1.
“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,” said Silverstone CEO Stuart Pringle.
“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.”
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F1 currently races with three British drivers - Mercedes' Lewis Hamilton and George Russell, as well as McLaren's Lando Norris.
Hamilton is the most successful driver to compete in the British Grand Prix, having won the event eight times.
F1 CEO Stefano Domenicali added: “I am delighted to announce that the British Grand Prix will remain on the calendar for ten 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.
“I would like to thank Stuart Pringle and the Silverstone team for their hard work and dedication to take the British Grand Prix 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.”
The 2024 British Grand Prix will take place on July 4 - 7.
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