According to reports, there is renewed hope that Silverstone will still host a round of the 2005 Formula One world Championship.

It's understood that the East Midlands Development Agency is assisting the British Racing Drivers' Club, owner of Silverstone, in its bid to retain the race, though it's not clear if this would involve financial backing.

According to the Press Association, talks between the BRDC and Ecclestone are at an "advanced stage", with hopes that a deal can agreed before the end of the week.

Sports Minister Richard Caborn is understood to be involved in the negotiations, however no government money is involved.

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A fresh ray of hope for Silverstone?

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