Confirmed: British Grand Prix Awarded to Silverstone

Silverstone Circuits Limited confirmed that it has a contract to run the British Grand Prix for the next 17 years, ensuring the prestigious event's future in the Formula One. The deal, worth around £300 million, was announced Monday morning after Bernie Ecclestone agreed to forgo fees of a further £60 million—the only major stumbling block on the race's future. To secure the necessary finances for the upgrades the circuit needs, Silverstone needed a long-term deal to give them the security to proceed, in addition to reducing or removing the 7 percent annual increase on fees to Ecclestone. As part of the agreement, Silverstone will undergo a modernisation of the facilities including the rebuilding of the pit lane and paddocks to bring...

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