Silverstone to Host British GP Until 2006

The British Grand Prix will take place at Silverstone in 2005 and 2006, the owners of the track said on Tuesday.

"Following recent meetings between Bernie Ecclestone, representing Formula One Administration, Sir Jackie Stewart, representing the BRDC, and the British Government, a way forward has been reached that will allow the British Grand Prix to be retained in the United Kingdom for 2005 and 2006," said the British Racing Drivers' Club in a statement.

"Bernie Ecclestone has agreed to grant the rights to a promoter on the same contractual terms as other European countries, such as Germany and Italy, for the Grand Prix to be held in the UK for the next two years, on the understanding that there will be significant long-term investment at Silverstone to raise the standards of the circuit and its facilities to the level of its international competitors."

Formula One supremo Ecclestone had acquired the rights to the race after Interpublic, the world's No. 2 advertising group, terminated its contract, which had been set to run until 2015, and agreed to pay $93 million to Formula One Administration Ltd.

Ecclestone has been very critical of the facilities at Silverstone, but the BRDC said they had asked their members for their support to turn Silverstone into "a first class facility."

"Bernie Ecclestone is supportive of the proposals being discussed and is anxious to retain the Grand Prix in the United Kingdom, for the good of the country and the sport," continued the statement.

"The British Government, represented by Richard Caborn, Minister of Sport, and assisted by the DTI and EMDA, the regional development agency, is also very keen that the country's premier motorsport event is retained and that the industry has a Centre of Excellence at Silverstone that the country can be proud of.

"The BRDC and Government are together working in partnership on examining the best way forward to ensure that the greater Silverstone is known not just for the excellence of its motorsport event calendar but also for a cluster of high performance engineering companies that are valued for their world-class excellence and which contribute so much to the UK economy."