Silverstone will host its final British GP next season after the FIA confirmed that the race would be moving to Donington.
The Northamptonshire circuit, which played to the inaugural race of the F1 World Championship back in 1950, has come under fire in recent years with F1 supremo Bernie Ecclestone the track biggest detractor.
There been issues with parking, pits and outdated facilities, which the British Racing Drivers Club have tried to resolve, the latest being a planned upgrade to the pit lane facilities.
However, it now remains to be seen whether the updates with go ahead as the FIA announced on Friday that the British GP would be moving to Donington Park in 2010.
"Finally the uncertainty is over. A contract has been signed with Donington Park and the future of the British Grand prix is now secure," said Ecclestone.
"We wanted a world class venue for Formula One in Britain, something that the teams and British F1 fans could be proud of.
"The major development plans for Donington will give us exactly that. A venue that will put British motor sport back on the map.
"I am sorry that we could not have helped Silverstone to raise the money to carry out the circuit improvements and run Formula One.
"I believe that the government should have supported them which would have cost probably less than .002% of the government's commitment for the Olympic Games."
FIA President Max Mosley added: "After many years of patient but fruitless negotiation with the BRDC, we are delighted that Bernie has nevertheless been able to ensure that the British Grand Prix will keep its place on the Formula One World Championship calendar.
"We understand that the development programme planned for Donington will achieve the very high standards we and FOM expect from a modern F1 circuit. Finally, British Formula One fans will get the Grand Prix venue they deserve."
Donington Park last staged a round of the F1 Championship in 1993 when Ayrton Senna won the European GP.
