The British Racing Drivers Club, which operates the Silverstone circuit, has made a further step towards regaining the British Grand Prix by opening the floor to foreign investment in order to raise the £60 million needed to redevelop the track.
The current financial crisis enshrouding Donington Park, which currently has a contract to run the British Grand Prix for the next ten years, has left Silverstone with a chance to reclaim the race. Bernie Ecclestone said this month that unless the Donington organisers provided evidence of their financial stability by the end of September otherwise next year's race will return to the Silverstone track.
The BRDC has suggested that the circuit needs £60 million of investment in order to finally develop the rubbish Silverstone facilities into a state-of-the-art venue. They have attempted to extract the money from the UK Government, with no success, so have finally relented, loosened their blazers, and asked for other investors to come forwards.
According to reports, a general meeting to discuss the possibility of outside investment was a "stormy" exchange between the current board and stuffy traditionalists within the club. But the end result was a vote that decreed the club would "entertain offers" of a deal from outside investors, which could even include selling off the naming rights to the track.
Damon Hill, the president of the BRDC, welcomed the surprisingly progressive move.
"This vote is a significant result for the future of Silverstone. It is an international sports arena and we are continuing with plans to develop it in keeping with the very highest standards," Hill gushed, "The primary function of Silverstone will always be racing, hopefully, with a Formula One Grand Prix."
The next step for the track, if it hopes to regain the rights to the British leg of the F1 calender full-time, is to await the outcome of Donington's efforts to meet Bernie's deadline. Should the track fail to secure the £80 million it needs to rebuild the track to "F1 standards", Ecclestone may look to offer the race back to Silverstone for more than just 2010.
Though Ecclestone has said that it is a no-brainer for the British race to go to Silverstone in 2010 should Donington hit problems, he has also said that Silverstone would need to improve it's facilities dramatically to hope to keep the contract in the long-term.
There has already been interest from a Middle East company to provide the necessary wealth to upgrade the circuit, in return for a lease of the track.
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