Assuming that Bernie Ecclestone and the British Racing Drivers' Club can come to an agreement, it looks likely that the British Grand Prix will go ahead in 2005, though the current deal is for one year only.

Nine of the ten teams agreed on Tuesday to accept Ecclestone's financial package for the two 'extra' events on the 2005 calendar, and though Ferrari wasn't present at the meeting a team spokesman assured Pitpass editor Chris Balfe that the Italian team would have "nothing against a 19 race- season, if all the participants agree".

Talking today, British Sports Minister, Richard Caborn, said he was delighted at the prospect of the Grand Prix going ahead, and even hinted that the British government might get involved in an attempt to re-vamp the former airfield.

"This has undoubtedly been a tough few months for everyone involved in negotiations," he said. "But I hope this announcement presents a new chance for us all to work together to achieve what are our common goals - to see Formula One continue at Silverstone and the British motor sport industry to prosper in the world wide business market.

"We are now determined through the partnership of the British Racing Drivers Club, local authorities and the Development Agencies to not just make the necessary circuit improvements but build the world's best high performance motor sport industry cluster too.

"With F1's many British based teams now remaining on these shores, we will have the continued supply of 40,000 jobs as well."

Despite the widespread glee and back-slapping, one cannot help but feel that this is not the long-term future of the British event is far from settled.