With the announcement of a new long-term agreement, the British Grand Prix at Silverstone has been guaranteed for another ten years.

This summer marked the renewal of Silverstone’s five-year agreement with Liberty Media, the American owners of Formula One.

Although there was never much doubt about the race at the British Drivers’ Racing Club-owned track in Northamptonshire, as there was in previous years, this announcement on Thursday ensures that one of the highlights of the nation’s sporting summers will remain intact until at least 2034.

It is estimated that the deal is worth approximately £300 million ($377.77 million), or £30 million annually.

Last year’s Grand Prix saw a record-breaking attendance of over 150,000 people over the course of the weekend, with nearly half a million spectators passing through the gates. “I am delighted to announce that the British Grand Prix will remain on the calendar for 10 more years with this agreement,” said Stefano Domenicali, president and CEO of Formula One.

“As it approaches its ninth decade of hosting Grands Prix, Silverstone is an iconic venue at the center of Formula One history. The event continues to draw fans from all over the world for fantastic racing on track and the amazing fan experience off it.”

“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,” continued Stuart Pringle, chief executive of Silverstone.

“What makes the atmosphere at Silverstone unique is the cheers of support for the home teams, especially for the British drivers on the grid.” For over 70 years, the British Grand Prix has been a fixture on the Formula One calendar. Silverstone hosted the inaugural World Championship event in the history of the sport.Liberty has toyed with the notion of holding a street race in London, but significant progress has been impeded by several obstacles.

Liberty has also come under fire for removing the sport from its historic home in Europe. However, the US company’s announcement about Silverstone comes just a few weeks after it was announced that a new race would take place in Madrid in 2026.

The British GP at Silverstone on July 7 is the first race of the new Formula One season, which gets underway in Bahrain on March 2.