Friday 4 July at 15:05 : The British grand prix will move from Silverstone to Donington Park in 2010 following the signing of a contract, F1's governing body announced on Friday.

The FIA said the announcement comes after discussions with Formula One Management, the sport's commercial rights holder run by Bernie Ecclestone.

"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," a media statement said.

Earlier reports that Donington, located in Leicestershire and last the host of a grand prix in 1993, was a serious contender to replace Silverstone were ridiculed, as the circuit is in even more need of redevelopment.

Mosley said on Friday: "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."

Ecclestone added: "Finally the uncertainty is over."

He said he is "sorry" that Silverstone could not raise the money to improve its circuit.

"I believe that the government should have supported them which would have cost probably less than .002 per cent of the government's commitment for the Olympic Games," he added.