The owners of Silverstone have finally agreed a deal with Formula 1 which will see the track host the British Grand Prix for the next five years.

The British Racing Drivers Club (BRDC) and Bernie Ecclestone have signed a contract running until 2009, ending a long period of in-fighting regarding the future of the British race.

Previously, the BRDC had refused to meet Ecclestone’s price and there was prolonged discussions regarding the length of the contract, with the BRDC wanting a far shorter contract time period than Ecclestone.

At one stage, Ecclestone even instructed his solicitors to issue a libel writ against Sir Jackie Stewart, BRDC president.

However, today’s agreement signals that a comprise has finally been made by both parties.

Sir Jackie said: “After long, drawn out discussions, we have reached a satisfactory conclusion. Our agreement today will, by maintaining the Grand Prix at Silverstone, help to secure the continuing pre-eminence of British motorsport in the UK.

“There has been much public debate on the future of the British Grand Prix. We hope that this agreement heralds a more stable and secure future for the race and consequently for our industry and sport.”

The world motor sport council of the FIA, the sport’s world governing body, is due to ratify the official 2005 F1 calendar today in Monaco. The expected date for the 2005 British Grand Prix is 10 July. Details: www.silverstone-circuit.co.uk