The British Grand Prix will remain on the Formula One calendar until at least 2024 after a new agreement was announced on Wednesday.

Silverstone's contract to stage the race was due to run out this year and a standstill on negotiations led to concerns over the future of the event.

However, after a two-year saga the British Grand Prix will continue at Silverstone, which hosted the first F1 race in 1950.

"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," F1 chairman and CEO Chase Carey said.

Reigning F1 champion Lewis Hamilton this week described the event as "the grand prix we can never lose".

It is thought talks over a renewal were paused in June due to reported plans to host an F1 race in London within the next few years, but that particular hurdle has been cleared.

Carey added: "It's a pleasure to announce we have renewed the Silverstone agreement for at least the next five years through 2024.

"Clearly we're thrilled to have this in place. Silverstone is one of the signature races on our calendar and truly a special event.

"Our first race almost 70 years ago was held here in Silverstone, some of our greatest races over the years have been held here at Silverstone.

"The UK in many ways is home to much of the sport: Formula One itself located in London, seven of our teams are located in the UK.

"So, the UK has a special place in Formula One. Having this race in place is one of the core foundations for the future of the sport. It's tremendously exciting."