Formula 1 has announced that Silverstone will continue as the British Grand Prix venue until at least the end of 2024. The circuit near the Buckinghamshire/Northamptonshire border in England played host to the very first World Championship Grand Prix in 1950.

A five-year agreement between Formula 1, the British Racing Drivers’ Club (BRDC) and Silverstone Circuit was recently signed in London ahead of this weekend’s Formula 1 Rolex British Grand Prix 2019.

“We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport, its starting point back in 1950,” said Chase Carey, Chairman and CEO of Formula 1.

Seven of the ten teams competing in the FIA Formula 1 World Championship are based in the UK, with motorsports being a significant economic and technological contributor to the country.

“2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13th May 1950 and will make next year’s event all the more special. This is great news for the BRDC, Silverstone and Formula 1—and for millions of British motor racing fans,” said John Grant, Chairman of the BRDC, which owns and operates the Silverstone Circuit.

For more information, visit formula1.com.