The British Racing Driver's Club, of which Lord Hesketh is president, owns Silverstone, scene of Stirling Moss's many Grand Prix triumphs.
The club was stung into conducting a complete review of its operations after a pounds 41m bid from Mr Lewis last year, and indications since then that Ms Foulston may launch a bid of her own directly to the club's 800 members.
Tomorrow Lord Hesketh will present his proposals, put together with adviser Dresdner Kleinwort Benson, to the Club's membership, which is packed with top racing drivers such as Damon Hill, Martin Brundle and Michael MacDowel. The members will then vote on the club's future.
Lord Hesketh's main idea is to create a separate company that will rent Silverstone from the club, and which may be floated in a couple of years' time.