The FIA has confirmed that the 2002 British Grand Prix will take place at Silverstone on 7th July. The World Council met in Monaco this morning to decide the fate of the event, which had been in the balance, because of the appalling traffic congestion that has blighted Britain's premier motor racing event in the past.

The fact that circuit owners, Octagon Motorsport pledged to bring forward its road improvement scheme, spending 10.6 million pounds to ensure that traffic flow is improved, was the deciding factor in allowing the race to qualify for the F1 World Championship.

However, the FIA evidently is not totally convinced about the plans and has demanded that Octagon puts up a 3.4 million pound bond, which it will forfeit if work is not completed in time for the summer event. The British government has stated it will monitor planning applications relating to the new roads around the circuit, which is situated just across the road from the Jordan Grand Prix facility. "I'm delighted the race will go ahead, " said Sports Minister Richard Caborn. "It is very important that we have the event in this country."

"We are obviously delighted with the result which endorses the MSA's positive report on their findings during our inaugural 2001 event," commented Rob Bain, Chief Executive of Octagon Motorsports Limited. "The FIA are in total support of our revised 2002 plans, in addressing traffic and access at Silverstone.  We will continue to work closely with all parties to guarantee the success of the Foster's British Grand Prix in 2002, ensuring it becomes a world leader in its field by 2003.  I would like to take this opportunity to especially thank both the local and national government, in particular, the support of Richard Caborn, Minister of Sport, who played an important role in securing this event for the country."