Earlier this year Pitpass reported that property developer Oliver Speight, who was involved in motorsport in the 1960s, and who now runs a company called Spectre, was planning a £56m bid to purchase Silverstone, with the aim of developing the track and surrounding land. At that time he had written to members of the British Racing Drivers' Club (BRDC), owners of Silverstone, making his offer.

We can now report that Mr Speight is pushing ahead with his plans and has long-term proposals to create a thriving leisure venue, based around motor sport, which would be in use 365 days a year.

Speight, who claims to have a sustainable, 15 year plan, says there has been a great deal of interest in his offer at the highest levels of motor sport.

"Our proposals have been well-received by BRDC members and a recent overture from one BRDC board member clearly demonstrated that the true value of Spectre's offer far exceeded the board's perception of the proposal," he said.

"Our offer would make the BRDC the richest club of its type in the world and reflects our passion for, and commitment to, the long-term future of Silverstone, as well as our affection for the BRDC. The club's own presence at Silverstone would be preserved in perpetuity and its members' rights and interests fully protected.

"Spectre's vision is to create a 365 day prime leisure venue with motorsport as a core activity," he continued. "This formula will not only enhance footfall to the circuit but will also provide the necessary financial requirement to fund the British Grand Prix."

With Bernie Ecclestone demanding a major upgrade to the circuit and its facilities, the BRDC had considered approaching the government for funding, but now appears to have given up on this idea. Consequently the club has looked elsewhere, with talk of a £25m 'masterplan', and a separate redevelopment programme headed by Bill Archer, founder of the Wickes DIY chain.

Meanwhile, the clock is ticking, with Ecclestone recently saying; "by mid 2008 we've got to have the new buildings and everything put in place".

Speight appreciates that time is of the essence and claims that his company has plans in place to complete improvements to the track, infrastructure, pit lane and media centre in time to save the British Grand Prix before Silverstone's current contract with Formula One expires in 2010.

"Between now and 2010, the F1 contract renewal date, an estimated £200 million of investment including the site acquisition, is a more realistic consideration than the recent forecast of the BRDC board," he said.

"The need to act quickly is obvious. Income producing development is key to the future success of Silverstone and that is Spectre's priority. The granting of the new Formula One contract lies in the hands of Mr Bernie Ecclestone, and he has stated he needs a professional promoter to stage the British Grand Prix from 2010 onwards.

"He needs a promoter with the showbusiness presentation and ability to provide vital reinvestment over the next 10-15 years to make Silverstone the best motor racing venue in the world. Spectre is ready, and is capable of delivering that requirement."

Mr Speight warned BRDC members against the board's current intention of disposing of land in "key parcels" which he claims would result in "a non-income producing, patchwork quilt of development with a host of ownerships".