Silverstone has secured the long-term future of the British Grand Prix after the Northamptonshire venue and the British Racing Drivers' Club (BRDC) agreed a deal with Formula One supremo, Bernie Ecclestone.

The agreement will ensure that Silverstone, which staged its first grand prix in 1948, will continue to be the home of the British leg of the Formula One World Championship for a further 17 years starting in 2010. It has been the sole host of the event since 1986. BRDC president Damon Hill said: "This long term contract will enable us to continue with our plans to develop Silverstone into a world class facility, bringing the venue into line with the very best sports facilities in the world for the benefit of all race goers, teams, drivers and fans."

Formula One Management president Bernie Ecclestone added: "This will ensure that Great Britain will remain on the Formula One calendar for many years to come, which is something I have personally always wanted to see happen. The team at Silverstone already knows how to organise a good event, so now everyone can look forward to next summer at Silverstone." Concerns had been raised over the future of the event when the operator of Donington Park in Leicestershire, Donington Ventures Leisure Limited (DVLL) entered administration in November 2009 after it failed in a bid to raise £135m to fund a major revamp of the venue to prepare for Formula One racing.

Nigel Price of Begbies Traynor had expressed hope that the venue would still be able to stage the British Grand Prix in 2011 - a year after an initial 10-year deal was due to come into effect. However, those ambitions have now been quashed by the new deal between Silverstone and the sport's management.