A new deal to keep the British grand prix at Silverstone could be imminent.

Organisers of the historic race cancelled their contract with Liberty Media for financial reasons, and have been negotiating a new one.

Christian Sylt, a F1 business journalist, wrote in the Mail on Sunday that meetings between British politicians and Chase Carey have taken place in recent days.

Also at the meeting was David Richards, a former F1 team boss who is now chairman of Britain's governing body, the Motor Sports Association.

He told Sportsmail on Sunday: "I'm very positive there will be a successful conclusion before the grand prix."

The British grand prix takes place this weekend.

Richards continued: "The fundamentals, the financial side, have been agreed. It is just the final details that need to be signed off, and I am confident they will be."

He said he does not support moves to relocate the grand prix to London.

"I couldn't support a race in London or the suburbs over Silverstone, when it is one of the greatest race tracks in the world," said Richards.