Five-year deal secures British GP
 |  Formula One surpremo Bernie Ecclestone drove a hard bargain with the Silverstone owners. |
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LONDON, England -- The British Grand Prix will be at Silverstone for the next five years after a deal was signed on Thursday between Formula One and the circuit's owners.
The agreement brings to an end months of uncertainty and acrimony between the British Racing Drivers' Club (BRDC) and Bernie Ecclestone's F1 organization.
It means that Silverstone will be given a July slot in next year's world championship calendar which is released on Friday.
"I am extremely happy that with the help of (chairman) Ray Bellm of BRDC, we have reached a five-year agreement with Silverstone," said 74-year-old Ecclestone in a two-line statement.
Bellm said in a separate letter to members that the BRDC would promote the race to 2009. Terms of the agreement were confidential.
The BRDC had been under pressure to sign the deal ahead of Friday when the International Automobile Federation (FIA) finalizes the program for the 2005 season.
Ecclestone and the BRDC had reached an impasse over the exact breakdown of the contract. He wanted a one-year deal with an option for six further seasons while the BRDC preferred a two-year initial period.
The decision will be a relief, not only to motor racing fans, but also the local business community around Silverstone in Northamptonshire, who would have been hard-hit by the loss of the race.
Formula One teams, seven of whom are based in Britain, also expressed their dismay at the potential removal of their 'home' grand prix from the calendar.
Jordan team owner Eddie Jordan was delighted by the news.
"It will cost us money to do it, but I think it's a justified case," he said. "The history of grand prix racing revolves around Silverstone, so I am overjoyed this has happened."
F1's 10 teams agreed to share a loss reported at 20 million pounds (US$38 million euro28 million) to finance the British GP.
Ecclestone has long been unhappy with the fading former World War II airfield, located an hour north of London. In addition, the owners of the BRDC were several millions pounds (dollars/euros) short of meeting Ecclestone's fee to hold the race.
To make up for the shortfall, government officials granted tax breaks to keep the race in Britain. The British government is also funding a motor-racing innovation center near Silverstone, which is expected to attract high-tech companies linked to F1.
British Sports Minister Richard Caborn called it "a great day for the future of the motor industry in the UK."
The deal means there will be 19 F1 races next season. The final 2005 calendar will be announced Friday in Monaco.
