Silverstone – the site of Formula One’s first Grand Prix event, just signed a 17 year deal to being it back to the UK. Whether or not the British Grand Prix would ever find a new home was about as uncertain as whether or not the Canadian Grand Prix would come back to Montreal. Now, after months of debate, in-fighting and rumors, an agreement has been reached.

President of the British Racing Drivers’ Club & Silverstone’s owner Damon Hill came to an agreement on where to host this prestigious racing event with Formula One Hot-head Owner Bernie Ecclestone. Originally, Donington Park was to be the setting for 2010′s British Grand Prix. But according to reports promoters failed to secure proper funding and lost all rights to host a race. Silverstone, a former airstrip that held the original Grand Prix in 1948 & first Formula One race in 1950, is back on track (no pun intended) for at least five years.

Welcome to Automopedia’s worst of the week – we take a look back at some of the more embarrassing auto news stories from around the globe – and these past 5 days were a dozy!

Bugatti Veyron Goes for a Swim

Someone did not inform this Bugatti driver their new roadsters don’t float. The lake crash of a $1.6 Million Dollar luxury sports car had automotive enthusiasts shouting “Mama Mia!!” – The accident occurred in Southeast Texas – which leaves us with about 1.6 million redneck jokes to make, oddly enough. According to one local news report: “The man, who refused to give his name, was looking at real estate in Galveston. About 3 p.m. a low-flying pelican distracted him as he traveled north on Interstate 45 just south of the hurricane levee near Omega Bay. The man jerked the wheel, dropped his cell phone, and the car’s front tire left the frontage road and entered a muddy patch, which foiled his attempt to maneuver away from the lagoon.”

Bob Lutz Resurrects Buick Regal

Rendering Credit: Tagline

The same company that axed all Pontiac production in favor of Buick (HA!) announced this week Regal will be back, along with a 335 horse power edition AND a wagon variant, for sale within a year. Yes, they are trying to recapture the youth market, via Bob Lutz, and Buick. Yeah, it makes sense to them – we’ll just sit back and watch it all crumble.

Still No Deals for F1

Finally in this week’s fail boat – F1 & Bernie Ecclestone get no respect lately – first off, pretty much every major auto maker pulls out of F1 races, and now the 2010 British Grand Prix may be scrapped. Montreal has already lost out on a race this year and possibly next – after several grand prix bids collapsed, the F1 chief execs have been locked in apparently stalled negotiations about the commercial terms of a long term contract. Safe to say if F1 news keep stumbling in this direction we will all have to start watching more NASCAR. Please, don’t let that happen.

According to WorldCarFans and GMM – Max Mosley on Wednesday vowed to step down as FIA president in October, recommending Jean Todt to succeed him.

Copyright Peter Macdiarmid/Getty Images

In a letter to FIA member clubs, the 69-year-old Briton said he has actually received 100 messages urging him to stay put. But with a new Concorde Agreement nigh, and also for “personal” reasons, Mosley said he has decided not to contest the elections later this year. He said former Ferrari boss Todt is the “right person” to succeed him, despite Ari Vatanen’s announcement last weekend that he intends to stand.

Remember this clip?

“I must emphasize he (Todt) would not in any way be a motor industry candidate,” Mosley wrote, insisting the 62-year-old Frenchman also “would have no special relationship” with his former employers. McLaren team boss Martin Whitmarsh said at the Nurburgring last weekend that Vatanen would be a “quite good” candidate. “If Max is not standing and Ari is a candidate, I am sure he will get a lot of support as he seems to be a balanced and sensible individual,” he said.