The British Racing Drivers' Club (BRDC), owner of Silverstone, has today issued the following statement:

The British Racing Drivers' Club (BRDC) today confirmed that the Club is on schedule to complete Silverstone's new Grand Prix Pits complex in time for the 2010 British Grand Prix

BRDC President, Damon Hill OBE said: "I am delighted to report that we are close to finalising our plans to build new pits in time for the 2010 British Grand Prix, thus satisfying FOM's pre-requisites to granting us a new F1 GP contract.

Silverstone's new state-of-the-art facilities are therefore moving from aspiration towards reality.

The BRDC and Silverstone team has achieved an enormous amount over the last year.

I am personally both impressed and proud of the commitment shown by the BRDC and by all our team members engaged in this project.

In particular, the role played by the BRDC membership has been pivotal in this our 60th Year at Silverstone. Commitment by our members to retain the Grand Prix at Silverstone is as strong now as it has ever been.

The BRDC share this desire and enthusiasm with thousands of British racing fans and we are doing everything within our power to keep the Grand Prix at the home of British Motor Sport.

The negotiations with FOM are ongoing and reasonable terms on a new contract will help us to fulfil our ambitions."