The operators and owners of the Silverstone circuit on Monday jointly revealed that an agreement to host the next 17 British Grand Prix has been reached.

The news was announced on Monday morning from London's Grosvenor House Hotel, following a long period of uncertainty about the oldest event in the modern world championship.

Part of the deal will be the redevelopment of the Northamptonshire facility's ageing pit and paddock facilities.

"We've always had five-year deals and never been able to get the investment we needed to redevelop," said managing director Richard Phillips. "17 years gives us the ability to invest and move forward."

"Everyone was well aware that the British GP is not just a sporting event, but it is a dynamo of the industry in this country," said Damon Hill, President of the British Racing Drivers' Club, owner of the Silverstone circuit.

"Losing it would have been damaging and perhaps there would have been no coming back."

2008 World Champion Lewis Hamilton was very pleased to hear the news.

"Firstly, it's fantastic news that the British Grand Prix will stay on the calendar for 2010," said the Briton. "Secondly, it's great that the race will be at Silverstone. The place has an atmosphere that money can't buy.