Former Formula 1 champion Nigel Mansell has said hosting the Grand Prix anywhere other than Silverstone would have been "sacrilege".
The Northamptonshire track will host the British Grand Prix until at least 2034 after signing a new 10-year deal with Formula 1.
He said: "It would have been sacrilege to lose the Grand Prix to anywhere else, congratulations to Silverstone.
"It's fantastic, the circuit is second to none."
Silverstone has hosted the British Grand Prix every year since 1987.
The 1992 Formula 1 champion said the current circuit at Silverstone was "tremendous" but admitted ones in the past "were a little more dangerous [and therefore] a bit more focusing, but Silverstone for me is still the venue of the year".
He added: "When I started my career there was nothing here at all, I think it's amazing how everything has evolved."
Stuart Pringle, managing director of Silverstone, said the deal was great news for both track and the championship.
"Silverstone has many positives that it can offer the championship," he said. "We are the most sustainable race by virtue of the travel being very limited as all the factories are nearby."
Mr Pringle also described the economic benefit of hosting the event as "hugely important for the local economy here in South Northamptonshire, North Buckinghamshire and Oxfordshire".
He said: "British Grand Prix takes about 12,000 people to deliver, that's a lot of part-time jobs we're creating.
"The fans that come to the grand prix spend in the order of £100m in the local economy here.
"The economic impact is not to be understated."