According to reports on the BBC, a new deal between FOM and the Silverstone circuit should be finalised very soon with Richard Phillips, Silverstone’s managing director, revealing that the deal on the table will hopefully last for the next ten years and that at this stage there doesn’t appear to be any real problems that would stand in the wya of signing the the new contract.

"I don't think there are any real stumbling blocks, we're going through the last details of the deal," he told the BBC.  "I'm pretty convinced that it will be run at Silverstone next year. There is a lot of detail to go through, so if you make a mistake, there's a long time to repent.  You can come to high level agreements quickly, but the devil is in the detail. We're very, very close.  We certainly would like the contract to be for more than 10 years - that's the minimum."

Despite the fact that Bernie Ecclestone had signed a fifteen year deal to run the British event at rival Donington circuit, a venture that failed to materialize, Phillips as always confident that the F1 circus would return to their circuit

"We always had the faith that the Grand Prix would return.We've been planning for more than a year, we'll finish the track works in March and start on the new pits ready for 2011."