The British Racing Drivers' Club (BRDC) said they had reached an agreement with Formula One supremo Bernie Ecclestone [ Images ], who recently reacquired the promotional rights to the grand prix.

"Ecclestone has agreed to grant the rights to a promoter on the same contractual terms as other European countries ... for the grand prix to be held in the UK for the next two years," said a statement released by the BRDC on Tuesday.

The statement added Ecclestone had agreed the deal "on the understanding that there will be significant long-term investment at Silverstone to raise the standards of the circuit and its facilities to the level of its international competitors".

Ecclestone has been a critic of the facilities at Silverstone, a World War Two airfield which hosted the first Formula One grand prix in 1950, and has hinted that he would like to see a race in London [ Images ].

A demonstration run, with drivers including Jenson Button [ Images ], is planned on the streets of the capital on July 6, a week before this year's British Grand Prix.