Silverstone owners plan to fund revamp themselves

Silverstone's owners plan to revamp the British F1 Grand Prix track with their own means and hope to approve a masterplan by the end of July, Damon Hill said.

The president of the British Racing Drivers' Club, owners of the former World War Two airfield with a contract to host the race till 2009, told reporters however that they would not throw cash at the project just to satisfy F1 supremo Bernie Ecclestone.

"Our view is that the BRDC can afford to develop Silverstone using its own means, so that we don't constantly need to badger government," he said.

Ecclestone has made clear that Silverstone must make improvements or risk losing its place on the calendar, despite its history as host of the first championship grand prix in 1950.

Hill said the new plan would cost the BRDC more than £20 million ($39.98 million), with some land sold to finance the improvements, compared with hundreds of millions spent in places like China or Bahrain.