Silverstone hosted the first world championship grand prix in 1950 and Britain, home to a majority of the 10 teams as well as three-time world champion Lewis Hamilton, has been on the calendar every year since then.
Silverstone's owners, the BRDC (British Racing Driver's Club), have been saying for a while now that they can not afford to fulfil the terms of the contract they signed with Bernie Ecclestone in 2009.
"We sustained losses of £2.8m [US$3.6m] in 2015 and £4.8m [US$6.2] in 2016, and we expect to lose a similar amount this year".
The move comes as the BRDC announces that in the last two years alone, the BRDC has made a net loss of £7.6 million hosting the British Grand Prix.
Silverstone has exercised the break-clause in its contract to host the British Grand Prix.
But while the BRDC will opt out of their current contract in 2019, that does not mean the iconic circuit will be gone from the F1 calendar forever.
Liberty Media has staged a series of talks with both the BRDC and Silverstone and while Silverstone wants to continue its relationship with F1, it will not do so at the cost of financial ruin.
On Monday night Liberty Media, the new owners of F1, said the BRDC decision is "regrettable" and accused the organisation of "posturing".
School children have been invited to participate in activities during the day before classic and modern F1 cars take to the street for a parade in the evening, as part of a promotional package for the British Grand Prix.
Numerous circuits that appear of the F1 calendar make a huge financial loss when hosting Grands Prix. "We recognise that one of the possible outcomes of this is no British GP after 2019, and that would be a monumental shame".
But, the activation of the clause does not necessarily mean this is the beginning of the end for Silverstone.
"We can no longer let our passion for the sport rule our heads", said Grant. "I'm amazed they have triggered their break clause".
He added: "Liberty have made a commitment that there'll be a British Grand Prix but with this London event happening, if that was a success - which hopefully it should be - with the recent legislation changes there have been in the City of London, you can imagine a London grand prix being pretty attractive to the Liberty guys. Having the British Grand Prix at Silverstone - the biggest occasion on the motor racing calendar - serves as a focal point for so much of what is great about United Kingdom motorsports, and the wider engineering and manufacturing sectors".