The operators and owners of the Silverstone circuit on Monday jointly revealed that an agreement to host the next 17 British Grands Prix has been reached.
The news was announced on Monday morning from London's Grosvenor House Hotel, following a long period of uncertainty about the oldest event in the modern world championship.
Part of the deal will be the redevelopment of the Northamptonshire facility's ageing pit and paddock facilities.
"We've always had five year deals and never been able to get the investment we needed to redevelop," said managing director Richard Phillips.
"17 years gives us the ability to invest and move forward."