One of the key factors for this, cited by Silverstone managing director Stuart Pringle, was the dominance of Verstappen and Red Bull. The Milton Keynes-based outfit won 21 out of the 22 races in 2023, with Verstappen claiming an astonishing 19 of those victories
The reigning world champion and his team have also taken six grands prix wins out of nine so far in 2024.
Ahead of this weekend's Spanish Grand Prix, Verstappen was quizzed on the claims mentioned above, but the Red Bull star has suggested that the British Grand Prix organisers take a look in the mirror, rather than pointing the finger.
"I don't think it's my fault," the Red Bull star told De Telegraaf.
"This current Formula 1 season is actually very exciting, lately several teams have been competing for victories.
"If then a promoter cannot fill all the seats and blames someone else, it is better that they first look at themselves what they are doing wrong because in other places, I think they manage to fill the stands quite easily."
Despite his recent dominance in the sport, Max Verstappen has won the British Grand Prix on just one occasion - last year in 2023.
In that race, the Dutchman held off the challenge of two Brits to take the victory - Lando Norris and Lewis Hamilton - who finished second and third respectively.
The 2024 British Grand Prix is set to take place on Sunday 7th July.