Silverstone bosses hold course

Silverstone's owners are determined to plough ahead with their own redevelopment plans for the Formula One circuit.

Plans are continuing despite the receipt of a joint venture proposal from two prominent businessman.

The British Racing Drivers Club, who own the Northamptonshire circuit, believe they are equipped to carry out the improvements required by F1 supremo Bernie Ecclestone in order to secure the future of the British Grand Prix beyond the current contract, which ends in 2009.

The principal businessmen behind the partnership, Mike Rockall and Bill Archer, have promised "immediate funds" to redevelop the circuit and secure the independence of the BRDC.

But BRDC chairman Robert Brooks believes his organisation do not need any outside financial backing at this stage.

He said: "We, the BRDC, are very flattered to receive such a substantial offer, but it's one of many and we would reiterate that Silverstone is not for sale.

"We are pressing ahead for the redevelopment of Silverstone which is well down the line in the planning process.

"We are delighted with the help and assistance we are receiving from the local government authorities and the local community.

"Obviously, we will review any joint venture proposal but much further down the road as they may help us fulfil our future objectives."

The BRDC have plans for a £25million overhaul, which go before an EGM at the end of July for approval.

A planning application has already been submitted to the local council and the BRDC are hopeful of approval before the end of the year.

This year's British Grand Prix takes place on Sunday, with rookie sensation Lewis Hamilton carrying home hopes in the race having already established a 14-point lead in the drivers' championship.