Silverstone is finally set to extend its deal with Formula 1, keeping the British Grand Prix on the sport's calendar in the coming years, according to Auto Motor und Sport.
The future of the British Grand Prix has been in jeopardy since 2017 when the BRDC - owners of Silverstone Circuit - activated a break-up clause in its contract with F1 as it was no longer in a position to assume the escalating fee linked to hosting the British Grand Prix.
Since, Silverstone has been searching for a better deal, seemingly with the cooperation of F1 commercial rights holder Liberty Media, although the latter insisted that alternatives to Silverstone were being considered.
Last month, F1 sporting manager Ross Brawn revealed that while negotiations were ongoing, it was a laborious process as both parties appeared to stand their ground.
"We have a long history at Silverstone," said Brawn at the time. "But we're struggling a bit with their rationale for why they should get the race for less money."
Now, according to reports from AMUS' always reliable Michael Schmidt, a breakthrough may have been reached, with the BRDC and The Formula One Group on the verge of a new deal that is expected to be signed and sealed in May.
AMUS also reports that the 2020 British Grand Prix will widely celebrate the event's 70th anniversary and Formula 1's history with a raft of festivities and commemorations.