Stuart Rolt, chairman of the British Racing Drivers' Club, which owns Silverstone, admits that investment is still needed for the third phase of the circuit's redevelopment.

Although many millions have already been invested in the Northamptonshire track in order to bring it in-line with its government funded rivals in the rising economies, the BRDC needs even more money to complete the job.

With government assistance totally out of the question, the BRDC is having to look elsewhere for the cash to finance the construction of two on-site hotels, a heritage centre and an entertainment infrastructure aimed at increasing revenue throughout the course of the year.

"We are seeking investor partners to move forward with the next part of the development, which should go before planning authorities at the end of the month," Rolt told the Independent.

However, to alleviate growing fears that in its quest for cash the circuit could sell its soul, he added: "We have stressed via a legally binding proviso that Silverstone must always be a centre for motor racing."

Meanwhile, pointing out that Silverstone cannot simply rely on the F1 Grand Prix and a handful of other prestigious events, Silverstone managing director Richard Phillips warned: "We cannot stay still as a business, otherwise we will be killed."