Silverstone will continue to stage the British Grand Prix until 2034 after a new agreement was reached with Formula 1. Matthew Childs/Reuters

The British Grand Prix will continue to be held at Silverstone Circuit until 2034 after Formula 1 struck a new long-term agreement for the race to stay on the calendar and remain at the iconic venue.

The new agreement is reported to be worth close to £30 million per year. The circuit is currently owned by the British Racing Drivers' Club (BRDC).

Silverstone's previous deal to host the British Grand Prix was set to run out after this year's race, but the announcement of the new deal signals F1's intent to keep one of the sport's most iconic venues a part of the race calendar.

Silverstone remaining part of F1 comes at a time when F1's owners, Liberty Media, have brought street racing to the race calendar, with Grands Prix being held in the streets of Las Vegas, Miami, Baku and Saudi Arabia.

Liberty Media have been keen to bring a street race to London but nothing substantial has materialised with the idea and it looks unlikely to happen anytime in the near future.

Britain stands as one of the most popular destinations for F1 as last year's Grand Prix saw a record-breaking attendance of 480,000 across the race weekend, with 150,000 attending the race itself.

Also, Britain's most successful F1 driver in history with seven world championships, Lewis Hamilton, remains a huge draw for both dedicated and casual audiences. In addition, some of F1's biggest rising stars at the moment include Britain's George Russell and Lando Norris.

Hamilton holds the record for the most wins at the British Grand Prix, as he has finished top of the podium on eight occasions. The 2024 race at Silverstone will be the final time Hamilton steps onto the track as a Mercedes driver as he will be representing Ferrari from 2025 onwards.

Last season's race at Silverstone was won by runaway world champion, Max Verstappen, with the victory being the Dutchman's first British Grand Prix triumph.

Silverstone's historic association with F1 goes way back to 1950 when the venue hosted the very first F1 world championship race in the competition's inaugural season.

Between 1950 and 1986, the British Grand Prix was rotated between Silverstone, Aintree Motor Racing Circuit and Brands Hatch. Silverstone has hosted the British Grand Prix every year since, with the circuit hosting two races in 2020 as the latter race was to celebrate the 70th anniversary of the inaugural F1 race.

President and CEO of F1, Stefano Domenicali, spoke on the announcement of Silverstone's new deal.

He said: "Silverstone is an iconic venue at the heart of F1 history and as it approaches its ninth decade hosting Grands Prix, the event continues to attract fans from around the world for fantastic racing on track and the amazing fan experience off it."

CEO of Silverstone, Stuart Pringle, reacted to the news, stating: "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 for the British fans."

Pringle added: "The cheers of support for the home teams, and particularly for the British drivers on the grid, makes the Silverstone atmosphere unique."

Chairman of the BRDC, Peter Digby, outlined the future plans for Silverstone off the back of the latest contract renewal with F1.

He revealed: "This contractual security will provide a solid base for the further development of the venue as we continue to improve and transform the circuit into a year-round international motorsport and leisure destination."

This year's British Grand Prix will be held on 7th July and will serve as the 12th race on the calendar for the 2024 season. The season itself will begin with the Bahrain Grand Prix on 2nd March.

Elsewhere, it was confirmed last week that the Japanese Grand Prix will remain at the well-renowned Suzuka International Racing Circuit until 2029. The race will have an earlier slot in the season to accommodate F1's objective of operating more sustainably.