US-based sports and entertainment company Oak View Group (OVG) has formally launched its network of independent entertainment and sports venues through a partnership with British motorsport venue Silverstone.

The OVG International Venue Alliance, which was announced earlier this year, is modelled on OVG’s US Arena and Stadium Alliance.

The official launch follows the conclusion of a deal between Silverstone and Formula One management, which will see the circuit continue to host the British Grand Prix until at least 2024, as well as retaining new rights and benefits.

Silverstone’s two-year agreement with OVG will offer corporate partnerships at locations around the track, including the bridge connecting the hotel to the wing, the 4,000-capacity conference and exhibition space, the new luxury ‘Residences at Silverstone’, and The Silverstone Experience Centre – which is due to open soon.

The agreement also aims to secure an annual naming rights partner for Silverstone, as well as other corporate partnerships.

In addition, OVG’s foothold in the live entertainment industry will help to attract events, including concerts and festivals, to the circuit.

Sam Piccione, OVG’s international president, said: “We’re delighted to be in a position to help Silverstone deliver additional revenue as a founding member of Oak View Group’s International Venue Alliance.

“This iconic circuit has a rich motorsports history, and we’re looking forward to working with the Silverstone team to develop world-leading content, partnerships, and experiences during this next exciting phase of their development.”

The foundation of the Oak View Group International was announced in March along with the establishment of its first European development project – the Santa Giulia arena in Milan, which will host events during the 2026 Winter Olympics.

Silverstone is the first of a number of announcements OVG expects to make as new members of the OVG International Venue Alliance are confirmed throughout 2019.

Nick Read, commercial director at Silverstone, said: “With Silverstone’s extended five-year contract to host the British Grand Prix now in place, the opportunities for partnerships with British and global brands are limitless.

“We are excited to be working with Oak View Group’s world-class team to expand our partner portfolio and reach, and we’re looking forward to working alongside other like-minded venues as they join the OVG International Alliance.”