Last year’s race, won by Max Verstappen, drew a record crowd of 480,000 fans across the weekend – the largest combined attendance for any track during the 2023 season.

Liberty’s desire to expand the calendar, and to introduce new races that are close to major population centres, has put pressure on many traditional and historic races, no matter their status in the sport.

The longevity of Belgium’s classic Spa-Francorchamps track, for example, is uncertain because of a number of concerns over modernisation, including access.

Silverstone’s last contract, signed in 2019, was for five years, and came at the 11th hour after the track said it could no longer afford the fee for the race.

The circuit’s new contract removes it from those concerns for the time being.

Silverstone chief executive Stuart Pringle said: “This long-term commitment reflects the importance of the British Grand Prix to Formula 1 and their acknowledgement of our ability to deliver a world-class experience for the British fans, who are among the most enthusiastic and knowledgeable in the world.

“The cheers of support for the home teams, and particularly for the British drivers on the grid, makes the Silverstone atmosphere unique and I am looking forward to harnessing this passion for our sport and taking the event to the next level in the coming decade.”

Silverstone has been modernising in recent years, including the opening of a museum and hotel on site. The BRDC has pledged to further upgrade facilities at the track during the course of the new contract.

Peter Digby, chairman of the BRDC, said: “This contractual security will provide a solid base for the further development of the venue as we continue to improve and transform the circuit into a year-round international motorsport and leisure destination.”