Bernie Ecclestone had been in talks with Silverstone about the British Grand Prix
The British Racing Drivers’ Club (BRDC), who own Silverstone, warned earlier this month that the expense of holding the race could see them abandon the British Grand Prix after 2019.
Express Sport understands they had been in talks with Ecclestone and even consulted the British government over potential funding for the event.
However, neither had yielded much progress until the 86-year-old self-title dictator was removed from office last week.
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The new owners of F1 Liberty Media replaced him with former 21st Century Fox executive Chase Carey and shunted Ecclestone sideways into an ‘advisory role’.
"We are excited by the change of management," BRDC president Derek Warwick told The Guardian.
"We don't think our sanction fee will change, therefore we have to find a better way of increasing our revenue.
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The British Grand Prix at Silverstone is one of the most iconic events in the sporting calendar
"It was probably the right time for Bernie to step aside.
“It's great we now have new opportunities and new energy to take us in a new direction.
"Maybe we can have more pit walks, bigger concerts, more sponsorship, maybe we can name corners.
“There are things we can change which we haven't been able to do under the current contract."
Carey criticised outgoing Ecclestone for failing to make progress in F1 over the last five years.
He has appointed former Mercedes and Ferrari pit-wall man Ross Brawn and ex-ESPN executive Sean Bratches, in motor sport and commercial roles respectively, to help him revamp F1.
Lewis Hamilton could be left without a home British Grand Prix after 2019
And while Brawn admitted that contracts with teams will make it hard to make many real changes before 2020, Silverstone believe they can make changes to ensure the long-term future of the British Grand Prix.
"There will be a way, because Liberty don't want to lose Silverstone and the British Grand Prix and we don't want to lose it, there has to be middle ground for all of us,” Warwick added.