Silverstone gets investment boost

(AP)

Silverstone chiefs have been granted the power to seek outside investment, potentially in an effort to hopefully regain the British Grand Prix.

The Northamptonshire circuit has been in the hands of the British Racing Drivers' Club since 1971.

But following an EGM yesterday, the Club's members overwhelmingly voted to grant powers to their board, authorising them to entertain offers of investment in Silverstone and its core land.

The only stipulation to any future deal is that the terms are favourable to the long-term future of British motor sport and to the Club.

The BRDC's long-term objective is to further develop Silverstone's motor-sport infrastructure, related technologies, education and training, and to ensure the UK continues to be a global leader in such specialist areas.

BRDC president and former Formula One world champion Damon Hill said: "This vote is a significant result for the future of Silverstone.

"The EGM was not about selling Silverstone. The members were voting on whether or not the board should be authorised to approach and negotiate deals with potential investors on behalf of the Club.

"It is purely commercial. Silverstone is an international sports arena, and we are continuing with plans to develop it in keeping with the very highest standards.

"The primary function of Silverstone will always be racing, hopefully with a Formula 1 British Grand Prix."