British Race All But Safe for 2005

After months of uncertainty a rapid and positive series of negotiations this week between Bernie Ecclestone and the British Racing Drivers Club could have finally secured the future of the British grand prix.

The FIA, the governing body of motorsport, will publish its final 2005 formula one world championship calendar tomorrow and it is expected to include the Silverstone race on July 10.

Alex Hooton, the BRDC's chief executive, confirmed that a deal is close. "In order to go on the calendar we have got to have a contract," he said.

"We have a draft contract that we are looking at very constructively. It is with our lawyers, it's with Bernie's lawyers and we're hoping to be able to put together a deal ahead of the world council meeting in Monaco. So we want to make some sort of announcement before the end of the week."

Neither party has revealed details of the deal between the owners of Silverstone and Ecclestone, the commercial rights holder of formula one. Earlier this week Ecclestone promised the teams that the British grand prix will be secure on the calendar and he appears to have delivered.

It is known that the BRDC has agreed to pay $13.5m (£7m) for next year's race in line with the standard tariff for European events but the contract's duration is not clear.

Much of the recent detailed negotiation with Ecclestone has centred on the terms of the options available which would translate a one-off race into a guaranteed long-term fixture. Nor is it yet clear whether or not Silverstone will have to invest heavily to upgrade the track facilities.

Negotiations have up to now been based on the assumption that a totally new pit complex would be constructed in time for the 2007 race but this still has to be confirmed.

The sports minister Richard Caborn, who was at Silverstone yesterday for the opening of a new £4.2m innovation centre to generate business for the track, said that he believed next year's race would now go ahead unless there was a last- minute setback.

"I understand there has been significant progress made this week," he said. "With all the legal details to be sorted out, we could get an announcement in the next few days. But let's wait until tomorrow or the day after to see."

The confirmation of the Silverstone fixture, seven days later than originally envisaged and one week after the French grand prix, would mean an all-time record 19 races on next year's schedule with no fewer than six of those squeezed into eight weeks.