Having seemingly given up on the prospect of being bailed out by the government, British Racing Drivers' Club (BRDC) President Damon Hill has said that as owners of Silverstone it is up to the club to come up with the necessary funding to keep the British Grand Prix at the Northamptonshire track.

Speaking less that two weeks before the former airfield host the 2007 British Grand Prix, and with just two more years of its current contract with Bernie Ecclestone remaining, Hill said that the club is to persist with it's so-called 'masterplan' and attempt to raise the necessary funding itself.

"Our view is that the BRDC can afford to develop Silverstone using its own means," he told reporters, according to Reuters, "so that we don't constantly need to badger government. We think we can stand on our own two feet and manage the assets."

Under its plan, the BRDC will sell off some of its land in order to make some of the required improvements being demanded by F1 supremo Bernie Ecclestone. It's estimated that the club is preparing to spend up to £20m on improvements.

However, Hill warned that the programme will be realistic since the BRDC doesn't have sort of resources available in the east where governments willing to become part of the F1 dream are willing to spend billions.

"There are examples of Formula One venues around the world that are perhaps too extreme and too ambitious for the markets that they are in and they are not sustainable," said the 1996 World Champion. "We don't want to fall into that trap and I don't think we should be expected to."

Hill admitted that he fully expected Ecclestone to continue turning the screw, and dismissed suggestions that F1 sensation Lewis Hamilton can help guarantee the future of the race which has been on the F1 calendar since 1950.

"We should not be complacent," he warned. "We should take his threats seriously."