Silverstone poised to agree £300m British Grand Prix deal

The future of Silverstone as the home of British Grand Prix is expected to be comfirmed today by Damon Hill, president of the British Racing Drivers' Club – the owners of the Northamptonshire circuit.

Hill is set to front a press conference in London today at which the it is believed he will announce details of a 17-year £300m deal with Bernie Ecclestone's Formula One management group. There had been growing fears that there would be no British Grand Prix next year. Ecclestone had set a deadline of Wednesday for a deal to be done or the race would be removed from the F1 programme.

Reports have Silverstone agreeing to pay some £14m for next year's race. "It would be almost inconceivable for there not to be a British Grand Prix next year," said an increasingly confident Hill last week and it now seems as if he is to be proved right.