The Silverstone circuit will continue to host the British Grand Prix until at least 2024 following a new deal between Formula 1 and the track owners.

On Tuesday, it was announced that bosses from Silverstone and F1 had secured a new deal after two years of negotiations. This weekend’s British GP was shaping up to be the final one at Silverstone because the contract, which was expiring, hadn’t been renewed yet due to expense concerns.

“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,” F1 chairman Chase Carey said of the deal.

BBC reports that Silverstone was on the brink of signing a new contract last month, but just a few days ago, expressed concerns about Formula 1 leadership adding a London city race to the calendar. According to the owners of Silverstone, the British Racing Drivers’ Club (BRDC), it would be unsustainable to host races both in London and at Silverstone.

“Silverstone is one of the most iconic Grands Prix on the F1 calendar 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,” chairman of BRDC John Grant said.

Speaking in more detail about the contract, Silverstone managing director Stuart Pringle said the circuit had been given the appropriate assurances that, if a second race in the UK is added to the F1 calendar, it won’t have a negative impact on the existing one.

“We’ve been given sufficient comfort in the event that F1 can bring an additional race in the UK on to the calendar that it is additional, and the fears we had have been sufficiently addressed in the contract. We are not against trying to grow the fan base in the UK and if a second race helps achieve that, great,” he said. “But we have taken a lot of commercial risk and we need to be protected. All the aims we set ourselves two years ago have been met to our satisfaction.”