London, Dec 7(ANI): Silverstone circuit will host next season's British Grand Prix after the circuit's owners agreed on a 300 million pound deal with Formula One supremo Bernie Ecclestone to secure its future.
According to reports, officials from Silverstone together with Damon Hill, the President of the British Racing Drivers' Club, which owns the circuit, plan to announce the details of a 17-year deal at a press conference in London on Monday.
Ecclestone, who had imposed a 9 December deadline for a deal to be put in place, said he was happy with the deal, as Silverstone had been the front-runner to stage the race from 2010 after Donington Park lost the rights.
"It's been a long and tiring nonsense. They could have done this whole thing months and months ago," The Sun quoted Ecclestone, as saying.
Ecclestone is also understood to have given up fees of around 60 million pounds to ensure the race's future.
Meanwhile, the deal means that F1 fans will see world champion Jenson Button and former champion Lewis Hamilton battle on home soil next year.
Silverstone has hosted every British Grand Prix since 1987, while Donington, which is synonymous with MotoGP, has held only one F1 race, the European Grand Prix in 1993.
Earlier, Donington was awarded a contract to host the race from 2010, but was seemingly ruled out of hosting the British Grand Prix after failing to show that it had the necessary 135 million pound funding required for redevelopment plans. (ANI)