Silverstone has been axed as the home of the British Grand Prix after the FIA unveiled plans to move the Formula One race to Donington Park. An agreement has been signed between the FIA and the managers of Donington Park, which will see the new venue host the race for the next ten years starting from 2010.

The East Midlands circuit hasn’t hosted an F1 race since the GP of Europe in 1993 and is currently undergoing renovations to provide a first class facility for the race in 2010. Silverstone has hosted the British GP every year since 1987 and was spending millions of dollars to revamp the site to help secure the race.

FIA president Max Mosley said: “After many years of patient but fruitless negotiation with the British Racing Driver's Club, we are delighted that Bernie Ecclestone has nevertheless been able to ensure that the British Grand Prix will keep its place on the Formula One World Championship calendar.

Bernie Ecclestone added that he was pleased the uncertainty was over and the future of the British GP was now secure.