Cast your mind back a couple of months, and in the days leading up to the British Grand Prix, one of the highlights of the F1 calendar for fans and the teams, there was genuine fear that this year's event would be the last.

In the face of ever increasing hosting fees, and the harsh reality that the circuit couldn't afford them, a clause in the contract with Formula One Management had been activated which meant that the 2019 was the last.

As time went on the situation became ever more desperate, FOM unwilling to be seen lowering its asking price and Silverstone, which is owned by the British Racing Drivers' Club, unable to meet the financial demands of the sport's previous management.

Then, as the Grand Prix weekend got underway, it was announced that a new 5-year deal had been agreed which kept both sides happy.

Indeed, the 850 members of the BRDC, including the likes of Sir Jackie Stewart, Nigel Mansell, Damon Hill and Lewis Hamilton, are probably still smiling as, according to the Telegraph, the circuit is set to reveal record revenue of £59.3m for last year, aided, in part, by a 9% increase in sales for the Grand Prix.

140,500 fans attended last year's race, which was won by Sebastian Vettel, and the accounts, which are due to be filed this month, reveal that this led to the BRDC's "financial results exceeding its target significantly."

However, while around half of the company's revenue was generated by the Grand Prix, not everything was hunky dory.

In addition to losing £2.6m following the sale of its Lotus dealership in April (2018), 40,000 MotoGP fans had to be refunded when the circuit's round of the MotoGP championship had to be cancelled after heavy rain flooded the track following botched resurfacing work,

Indeed, the accounts reveal that the BRDC incurred a £1.6m impairment charge.

The GP hosting fee rose by £0.8m to £18m, leaving the club with a £0.4m pre-tax profit, down 21% on 2017.

Nonetheless, in a letter last month to the club's members, BRDC chairman, John Grant said that "the Group's financial position should show further improvement" in 2019 as the British Grand Prix hit a new record with 141,000 spectators watching this year's race. Grant added that "early ticket sales for 2020 are currently up on last year by no less than 50%."

Although details of the new hosting fee are not known, it is thought to be around 25% less than before, indeed the accounts state that the new deal will "significantly reduce the financial risk of the company and will improve its profitability over the next 5 years."

Indeed, while Silverstone previously paid its hosting fees a year in arrears, it's understood that the new agreement sees the fees paid in advance, and with the BRDC needing to pay the 2019 fees and those for 2020 without so much as a squeak, it would suggest that the circuit is on a financial roll.

Indeed, next year sees the opening of the 197-room Hilton Garden Inn, its doors set to open in time for the Grand Prix in July, John Grant admitting that this has already driven "a dramatic increase in conference, banqueting and exhibition reservations for the second half of 2020".

2020 marks the 70th anniversary of the first ever round of the Formula One World Championship, which took place at Silverstone in May 1950. While the Northamptonshire track has hosted the majority of Britain's round of the world championship since then, Brands Hatch hosted the race on 12 occasions, and on four other occasions it was held at Aintree, home of the Grand National. You can check out the Grand National race guide to give you a more in-depth look into this legendary race.

Looking ahead, the BRDC is aiming to open 60 luxury villas and an on-site family entertainment complex.