Formula One Management and Silverstone have agreed a new deal which keeps the British Grand Prix at the Northamptonshire track for the next five years.
In 2017, Silverstone's owners, the British Racing Drivers' Club, activated a clause in their contract which effectively meant that this year's race would be the last.
Having agreed a 17-year contract with Formula One's previous management in 2010 that included a year-on-year increase in the hosting fee, just six years into the deal the BRDC realised it didn't make financial sense, for despite record attendances the event was barely breaking even, and with the original £11.5m ($14.2m) fee set to rise to £26m ($32.3m) in 2026, it subsequently pulled the plug.
"We are really pleased to confirm that the British Grand Prix will stay on the FIA Formula 1 World Championship calendar for at least the next five years, with the event remaining at its long-standing home, Silverstone circuit," said F1 boss, Chase Carey, after the deal was agreed late on Tuesday evening.
"We have always said that, if it is to have a long-term future, our sport must preserve its historic venues and Silverstone and Great Britain represent the cradle of this sport, its starting point back in 1950," he added.
"Today, Formula 1 is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots: Silverstone and the British Grand Prix are an integral part of that vision."
"Silverstone is one of the most iconic Grands Prix on the F1 calendar," added John Grant, BRDC chairman, "and with such a rich heritage it would have been disastrous for the sport and fans had we not managed to find a way forward.
"2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13th May 1950 and will make next year's event all the more special.
"This is great news for the BRDC, Silverstone and Formula 1 - and for millions of British motor racing fans."
"The British Grand Prix at Silverstone is rightly recognised as one of the highlights of both the F1 championship and the annual British sporting calendar," said Stuart Pringle, MD of Silverstone Circuits Limited.
"This is thanks to our track being one of the greatest drivers' circuits in the world but also the enormous passion for motor racing that exists in the loyal and knowledgeable fans that we have in this country. The prospect of not hosting a Grand Prix at Silverstone would have been devastating for everyone in the sport and I am delighted that we are here today, on the eve of what is sure to be a fantastic event, making this positive announcement about the future."
The five-year deal, as predicted by Pitpass, allows the BRDC to weigh-up whether the new deal makes financial sense - though details of how much is being paid and any other 'incentives' won't be known for some time - whilst also allowing it to see how things develop in terms of F1's desire to hold a race on the streets of London, something which would financially impact the Silverstone event.
Today's conformation, though great news for British F1 fans, leaves the future of the Italian, German, Mexican and Spanish events in doubt.
Though confirmation of the Italian race is thought to be a mere 'formality', the addition of Vietnam and the Netherlands, bearing in mind that Carey has made clear the 2020 calendar will comprise 21 races, means that Germany, Mexico and Spain look set to be dropped.
That said, the fact that only one race - the season opening Australian Grand Prix - has been confirmed by Formula One Management so far, suggests that F1 is as much in the dark as the rest of us.