Investors needed to keep circuit on the right track

A view of the £27m development (GETTY IMAGES)

The British Racing Drivers' Club, owner of Silverstone circuit, admit they have "given up going to the Government, cap in hand," seeking funding to keep the venue at the forefront of international motor racing.

But as the British Grand Prix is run for the first time under the second phase of a dramatic £32m redevelopment, which includes the distinctive "Wing" pit building, they are seeking investors as they plan the third phase. This will embrace at least two on-site hotels, a heritage centre and development of an entertainment infrastructure aimed at generating a 500,000 boost in annual visitors and alleviating periods when attendance figures dip. Silverstone managing director Richard Phillips said: "We cannot stay still as a business, otherwise we will be killed."

Stuart Rolt, chairman of the BRDC, added: "We are seeking investor partners to move forward with the next part of the development, which should go before planning authorities at the end of the month. But we have stressed via a legally binding proviso that Silverstone must always be a centre for motor racing."