Silverstone and British GP set to be officially saved this week

British Grand Prix organisers are growing increasingly confident that a deal will be struck to keep the race, and historic venue Silverstone in Formula 1.

The British Racing Drivers' Club (BRDC) enacted a break clause in its deal with Formula 1 in 2017, citing financial issues brought on by the spiralling costs of hosting F1 in the deal struck with former F1 chief Bernie Ecclestone.

Talks have been ongoing since then, with F1's new owners Liberty Media insisting they have remained committed to keeping Silverstone on the calendar.

Only Monza and Monaco have hosted more grands prix than Silverstone, the site of the very first World Championship race in 1950.

Motorsport UK chairman Dave Richards says an official announcement could even arrive before this weekend's race – the last in Silverstone's existing deal with F1.

"I'm very positive there will be a successful conclusion before the Grand Prix," Richards told the Daily Mail.

"The fundamentals, the financial side, have been agreed. It is just the final details that need to be signed off, and I am confident they will be."

As Silverstone's future remained uncertain, rumours of a street race in London resurfaced – a plan that was a regular feature of Ecclestone's reign.

However, Richards says a street race in the UK should never take the place of Silverstone.

"I couldn't support a race in London or the suburbs over Silverstone, when it is one of the greatest race tracks in the world," Richards said.

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