Ross Brawn believes the British Grand Prix at Silverstone is part of the heritage of the sport
The race has been held at Silverstone on and off since 1948 and every year since 1987 with the current contract running until 2026.
However, the British Racing Drivers' Club (BRDC) who own the track revealed earlier this month that they were considering activating a break clause this summer that would see them end their relationship after 2019.
But they appear to have been thrown a lifeline by the new owners of F1.
Silverstone and the British Grand Prix want to stay on the F1 calendar, but costs are rising
Bernie Ecclestone has been removed from his role as CEO of F1
Liberty Media began a £6billion takeover of the sport last year which was completed on Monday and saw Bernie Ecclestone removed from his role as chief executive after nearly 40 years in charge.
Former Fox executive Chase Carey will take over the top job while ex-F1 team boss Ross Brawn has been appointed to a sporting director role.
And the former Mercedes and Ferrari man hinted that he could see the governance of races changing to make hosting more lucrative.
"The heritage of F1 is vital and the longer term view that Liberty will take will assist in that because they recognise the value of that heritage - the Monzas, the Monacos, the Spas, the Silverstones," Brawn told Sky Sports News.
"That's why F1 is so attractive not only to the fans but to countries who want to hold a race. They see that heritage and if you lose that, you lose that core of F1. It has to be preserved.
"We have to find ways not of making the races cheaper but making them better value so that they get more out of the race than has been possible in the past.
"We can change the economics of the race but not necessarily just by making it cheaper."
Express Sport understands the prohibitive cost of hosting the race is causing consternation inside the BRDC and government funding has even been sought.
However, public money is more likely to come in the form of investment in infrastructure as opposed to any subsidisation of the event.