Silverstone loses British GP to Donington

By Alan Baldwin

SILVERSTONE, England (Reuters) - The British Formula One Grand Prix will switch to Donington Park from Silverstone in 2010, the governing International Automobile Federation (FIA) said on Friday.

"Following discussions with Formula One Management (FOM), the FIA can confirm that the British Grand Prix will be retained on the Formula One World Championship calendar," the FIA said in a statement.

"From 2010 the new home of the British Grand Prix will be Donington Park."

Donington Park said in a separate statement that they had signed a 10-year agreement that included an investment of 100 million pounds ($198.4 million) over a five-year period.

The surprise decision, while securing the future of the race in Britain, came as a huge blow for Silverstone as the circuit celebrates its 60th anniversary as a grand prix venue.

The British Racing Drivers' Club, who own Silverstone and have a contract to host the race in 2009, said they would continue with plans to redevelop the pits and paddock.

"Anything which indicates a secure future for the British Grand Prix must be welcomed," added BRDC president and 1996 F1 champion Damon Hill in a statement. "Nevertheless, the timing of this announcement is disappointing and a blow to the excellent and hard working staff of Silverstone."