**Silverstone officials will hold a news conference on Monday amid reports a deal has been struck for the venue to host next year’s British Grand Prix.**Silverstone has been the front-runner to stage the race from 2010 after Donington Park lost the rights.
Silverstone Holdings’ managing director Richard Phillips said last month that a deal to host the race was imminent.
Phillips will brief the media with Damon Hill, president of Silverstone owner the British Racing Drivers’ Club.
Formula 1 chief Bernie Ecclestone had imposed a 9 December deadline for a deal to be put in place.
Hill told BBC Sport last week that there was “no reason to think (the deal) won’t be signed” but said he would remain cautious until it was actually signed.
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“It would be almost inconceivable for there not to be a British Grand Prix next year,” said Hill, “but until it is signed, there is always the possibility that will be the case.”
Hill was unavailable for comment on Sunday.
Phillips said last month that he was “pretty confident” the deal would be struck and that he did not envisage “any stumbling blocks”.
He added that he hoped the contract would see Silverstone host the British Grand Prix for at least 10 years.
Silverstone has hosted every British Grand Prix since 1987, while Donington, which is synonymous with MotoGP, has held only one F1 race, the European Grand Prix in 1993.
Donington was awarded a contract to host the race from 2010, but was was seemingly ruled out of hosting the British Grand Prix after failing to show it had the necessary £135m funding required to fund redevelopment plans.
Donington owner Simon Gillett feels the Leicestershire venue still has the potential to host next year’s British Grand Prix even though his leasing company, Donington Ventures Leisure Limited (DVLL) is in administration and time is against them.
Phillips has revealed that Silverstone had been planning for the grand prix even while Donington was lined up as the venue for the 2010 race.
However, Silverstone has already been warned that it also needs to modernise its facilities in order to secure the race.