Damon Hill, President of the British Racing Drivers' Club (BRDC) which owns Silverstone, has admitted that faced with losing the British Grand Prix the club might give serious consideration to Bernie Ecclestone's proposal whereby Britain alternates with France, both countries taking it in turn to host a round of the World Championship.

"I think we should be open to all sorts of plans," the 1996 World Champion told reporters yesterday against the backdrop of the very track that in 1950 hosted the first ever Formula One World Championship race.

"I think we would feel that would be a last resort," he continued, "because we would like to keep Britain in the frame every year. It's had a presence in the championship since 1950 so we want to keep that going.

"I think you could argue that would be the thin end of the wedge," he admitted, "doing it every other year might become every third year."

Silverstone is under enormous pressure not only from Bernie Ecclestone, who wants a 21st Century facility that would require massive investment, money the BRDC does not have, but also from emerging nations - and their Governments - eager for the kudos that hosting a Grand Prix brings.

Earlier this week, Singapore's Minister of State for Trade and Industry, S. Iswaran explained why his country seeks a slot on the F1 calendar: "Formula 1 is the third-most watched sporting event in the world, after the Olympics and World Cup," he said. "It is also a glamorous event, one that is attended by sports and entertainment celebrities alike. The attention and 'buzz' that F1 generates will expose Singapore to a very different audience from that in the business and financial world. It is a group we currently do not reach out to. An F1 race could also bring about broader tourism benefits and spill-over gains for associated industries."

Iswaran then revealed that his Government is willing to fund the project, though it is seeking additional investment from businesses which would gain from such an event.

Referring to those countries that have already signed up to Bernie's dream, and those still clamouring to get on board, Hill said: "A Grand Prix is a mark of a country's arrival on the economic stage, a way for countries to show they are forging ahead. There are countries that want those traditionally western emblems and status symbols, one of which is a grand prix.

"So we are in competition with countries we would never have considered not so long ago," he continued. "But many countries have over-invested in venues and found later down the line they suffer a bit of a hangover after the party. So it has to make economic sense to hold a Grand Prix, and one of the difficulties we face is that we are restricted in ways we can generate revenue."

Already in enough (financial) trouble, Tony Blair's Government - which has already had one close encounter too many with F1 - will never hand over public money to a sport which is still seen by many as being elitist. Hill is well aware that with services like the NHS crying out for money, a race circuit stands little chance.

"I would not feel comfortable about insisting that this country should pay for a Grand Prix, because I can understand that there are many people ahead in the queue for our tax money," he admitted. "A sporting event can carry an enormous amount of prestige and that has a value to the country."

That said: "A sporting event can carry an enormous amount of prestige and that has a value to the country," he added. "If we are able to sell Great Britain through Grand Prix racing then maybe (government funding) is right. I think the British Grand Prix does have a value and it will pay for itself."

Silverstone's current contract runs out after 2009, and as the Englishman said, the clock is ticking.

"We are going to be negotiating what happens beyond 2009," he said, "but I would say it (the race) is hanging in the balance."