London , England ( CNN ) -- Formula 1 will continue to take place in Britain for the next 17 years after a deal was struck between Silverstone 's owners and the sport 's chief Bernie Ecclestone . Monday 's announcement by the track 's owners means the oldest venue on the F1 calendar keeps its place . Silverstone 's comeback took place despite rival track Donington Park being awarded the contract to host the British Grand Prix from 2010 . However , that circuit lost out after failing to secure the $ 200 million needed to fund redevelopment plans . That had led to fears Ecclestone would look to move the race abroad . Silverstone managing director Richard Phillips told the Press Association : `` We 've always had five-year deals and never been able to get the investment we needed to redevelop . `` But 17 years gives us the ability to invest and move forward . We 've always had the belief the British Grand Prix was an important cornerstone of Formula One but , with Bernie , you 're never quite sure . Phillips described the deal as `` peace in our time '' between the circuit 's owners , the British Racing Drivers Club ( BRDC ) , and Ecclestone . `` The relationship with Formula One Management has been improving , '' added Phillips . `` There 's a good working relationship with him now and we do n't have any issues . '' Applauding the negotiating team , BRDC president and 1996 F1 world champion Damon Hill told the Press Association : `` It 's not easy to enter into an agreement of this magnitude . It 's a big commitment . `` But the BRDC felt we wanted this relationship to continue , and we were prepared to back the negotiating team , with the level of risk satisfactory for the deal to go ahead . `` This announcement is tremendous news . It really does cement Silverstone as a motor sport venue and is incredibly satisfying for the BRDC to cement its relationship with F1 . ''
Formula 1 will continue in Britain after deal between Silverstone and sport 's chief Bernie Ecclestone . Announcement by the track 's owners means the oldest race on the F1 calendar keeps its place . Donington was to host British Grand Prix from 2010 but failed to secure $ 200 million for redevelopment .