Silverstone will continue to host the British Grand Prix until at least 2024 following the announcement of a new five-year deal on Wednesday.

Formula 1 chairman Chase Carey says: "We are thrilled to have this in place. Silverstone is a signature race on the calendar and a special event."

The agreement between F1, the British Racing Drivers' Club and Silverstone Circuit was signed Tuesday in London, ahead of this weekend's racing on the prestigious Northamptonshire circuit.

Carey adds: "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."