This how much Silverstone pays for Formula 1 annually

Thanks to a new, 10-year commitment, Silverstone will remain on the Formula 1 grid until at least 2034. On Thursday, F1 and track management announced that the expiring contract had been extended. Cheap was certainly not the deal for the British racing circuit. Leaks via various English media sources reveal how much this costs.

It would amount to 30 million pounds, five million pounds higher than Silverstone's current fee. However, compared to Grands Prix in the Middle East, it is petty cash. Saudi Arabia and Qatar are said to pay £70 million annually.

London Grand Prix proved unfeasible

With this amount, Silverstone trumped another bidder for the British Grand Prix. Formula 1 - and especially CEO Stefano Domenicali - saw a lot in the idea of hosting a race in central London. Although the British capital didn't say no to a Grand Prix in London, the plan appeared to have too many problems.

It proved impractical to close one of the busiest cities in the world to regular traffic for days - maybe even weeks. Silverstone also has drawbacks - think of the circuit's difficult accessibility - but it is part of Formula 1's furniture. Domenicali and consorts are often accused of only having an eye for modern, expensive circuits, but Silverstone is one of the exceptions.