But on Friday morning last week, after tense negotiation between the British Racing Drivers' Club and F1 supremo Bernie Ecclestone, Silverstone finally learnt it had lost the British Grand Prix.

From 2010, the race will be held at Donington Park on the Leicestershire/Derbyshire border – a decision which has surprised many Formula 1 fans and businesses across the region.

The announcement, which could cost the local economy more than £40million, comes as a blow to the world-famous circuit which is celebrating its 60th anniversary this year.

Thankfully though, events off the circuit did little to halt the thrilling excitement of this year's British Grand Prix as Lewis Hamilton stormed to victory in an epic race which was watched by a sell-out crowd of 90,000 on Sunday.

Attempts to keep the British Grand Prix at Silverstone were first made in October 2004 after Bernie Ecclestone and the BRDC failed to reach agreement over a deal to stage the race in 2005. Eventually in December 2004, the BRDC clinched the deal, securing the Grand Prix until 2009.

More recently, multi-million-pound improvement plans for the circuit, aimed at securing the long-term future of the British Grand Prix, received the backing of Aylesbury Vale District Council and South Northants Council.

In a statement issued on Friday, Damon Hill, president of the BRDC, and Richard Phillips, managing director of Silverstone Circuits Ltd, said this year's Grand Prix was a celebration of 60 years of racing at Silverstone and 80 years of the BRDC. They added: "The BRDC and Silverstone set out on a campaign to retain the British Grand Prix some time ago.

"One major positive is that world motorsport's governing body the FIA and Formula One Management have at last acknowledged the importance of a British Grand Prix on the F1 calendar.
"Silverstone remains in a unique position of being able to host a British Grand Prix, both today and in the future.

"We also firmly believe it is the right venue to continue hosting the event beyond 2009 when our current agreement expires. We have recently embarked on a massive process of redevelopment at the circuit which played host to the first-ever World Championship British Grand Prix in 1950.

"Planning permission has been secured from South Northants Council and Aylesbury Vale District Council for a new pit and paddock complex, as well as an impressive range of improvements to the circuit and facilities.

"A tremendous amount of work has gone in to get Silverstone to the position where it is teed up to become a world leading centre for motorsport, business, leisure and technology.

"We will continue to work with our partners at AVDC and SNC, together with regional development agencies EMDA, SEEDA and NEL. British motor racing has long been on the map, with Silverstone at its heart. We already have an active plan to fund and build the facilities FOM asked us to deliver.

"There is no doubt in our minds that if the position changes then Silverstone will still be ready to host the British Grand Prix beyond 2009."

Chris Williams, Bucks County Council's chief executive, said he was extremely disappointed to hear the news. He said: "This will be a big blow to the people who work at Silverstone and its supporting industries and will cause damage to the economy of the region.

"We would implore all those behind the Grand Prix to reconsider their decision."

Cllr Mary Clarke, deputy leader of South Northants Council, said she was very disappointed at the news. She said: "We are very concerned at the effect this will have on local businesses that are reliant on motorsport.

"It is also disappointing when only last month planning permission was granted by Aylesbury Vale District Council for a new pit and paddock development."

Carole Paternoster, cabinet member for AVDC, said: "We are extremely disappointed by the FIA's announcement.
"We will need to reflect with the BRDC and South Northamptonshire Council on what this unwelcome news means for the future of the circuit, the local economy, and for the many jobs depending on it."

Towcester town mayor, Charles Stanger, has branded the decision to move the British Grand Prix from Silverstone to Donington in 2010 as a 'financial disaster.' He said: "It only happens one weekend a year but this is a financial disaster for those people concerned with the Grand Prix in the area. It will be a big disappointment for the people of Towcester."

Cllr Kevin Dixon, mayor of Brackley, described Silverstone as 'the heart of F1', and hoped negotiations would allow the prestigious race to return to Silverstone's historic circuit.

Cllr Dixon said: "It's terrible news, really. I would hope that it won't affect the situation with the teams in the town. They've got to be based somewhere, and they could still use Silverstone for practice.
I hope the BRDC will be able to get the Grand Prix back to Silverstone."

Buckingham's mayor Cllr Howard Mordue said: "The biggest blow will be to the hotels, restaurants and pubs, but at the end of the day, it is three days of business out of the whole year. I am sure the BRDC and Silverstone Circuits will work together to bring other events to Silverstone which will bring in more sustainable development to the area."

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