Silverstone redevelopment still to be approved

The British Racing Drivers Club (BRDC) is confident that a multi-million pound re-development of Silverstone will go ahead despite a majority of its members forcing the postponement of a vote on the proposals last week.

BRDC president Jackie Stewart believes the modernisation of the circuit, which is based at a former RAF site, is the only way to guarantee the future of the British GP after its current deal runs out in 2009.

The non-profit making BRDC, which owns the Silverstone circuit, held an Extraordinary General Meeting on Wednesday to vote on putting the facility under the control of Northern Racing, a company which runs nine British horse racing venues.

Under the proposals the circuit would be leased to property developer St Modwen for 150 years. The deal would include a state-of-the-art grand prix circuit, a luxury hotel and housing on the 800-acre site north of London.

Despite the delay, which effectively puts the redevelopment on hold, BRDC remained upbeat about the plans.

"We are confident that taking on board all the opinions and strongly held views at the EGM we can proceed with our strategic plans for the development of Silverstone," a statement said.

The British GP had been in danger of being axed for the first time in the history of the F1 world championship until a last-minute deal was reached last year to keep it at Silverstone from 2005 to 2009.

Silverstone hosted the first Grand Prix in Formula One championship history in 1950.