The British Racing Drivers' Club (BRDC) has finally chosen the developer with which it intends undertaking a massive redevelopment of the Silverstone circuit and surrounding land.

The redevelopment includes plans for an extended technology park and leisure facilities, including a hotel, and even a rail link.

A letter sent out to members reads as follows:

"We want to update you on progress with finding a suitable partner to develop Silverstone.

Since we first wrote to you in July 2005 we have invited and received proposals from a number of developers, interviewed a shortlist and more recently have been engaged in detailed negotiations with the final three on the list.

We are now in a position to confirm that St. Modwen Properties plc are our proposed preferred developer. We have negotiated a set of Heads of Agreement and the Board now wishes to seek your approval to continuing the discussions with a view to converting the Heads of Agreement into a substantial, comprehensive and legally binding set of agreements.

This will involve considerable management time, effort and external cost. In view of this, the Board felt it appropriate to seek your endorsement at this stage. Accordingly, you will be receiving in some two weeks time a formal letter from us accompanying a Notice convening an Extraordinary General Meeting for 22nd February. This will be held at Silverstone.

The documents you will receive will include a covering letter, which will explain the current state of play, as set out in the Heads of Agreement. Without pre-empting the outcome of the EGM in February, we should also mention that the final agreements will of course need your approval and this will be done preferably at the AGM in April or, if we are not ready by then, at a specially convened EGM.

In addition to the documentation sent out in advance, we will ensure that you get a thorough briefing at the meeting on 22nd February and there will be plenty of time for questions and answers before you are asked to approve our continuing to the next stage."