It is believed that a Russian consortium is funding a bid by a former Silverstone chairman to buy the circuit.

It is claimed that Neil England, who stepped down as chairman at Silverstone in 2014 is fronting a new bid to buy the British Grand Prix track after a number of similar bids came to nothing.

The Northamptonshire circuit, which has seen Jaguar Land-Rover (JLR) and Ginetta Cars boss Lawrence Tomlinson pull out of potential deals to purchase the lease, has also attracted interest from MotorSport Vision, the company led by Jonathan Palmer - father of Renault racer Jolyon - which owns a number of other British tracks including Brands Hatch.

However, as track owner, the British Racing Drivers' Club (BRRDC), seeks to offload the circuit having amassed losses of around £55.2m in the last five years, a new potential buyer has emerged.

A BRDC member, who is also a senior figure in the automotive industry, told the Telegraph that he has "been told that the bid is being fronted by former Silverstone chairman Neil England with Russian money.

"There are a group of members now that are absolutely up in arms and are planning to put a note to the board saying 'If this is the case, and this is what you are honestly proposing in the face of a proper offer from Lawrence Tomlinson, then quite frankly we are going to ask for an EGM (Extraordinary General Meeting).'

"The fact they even put this forward is just a joke," added the BRDC member. "In the face of Lawrence's offer and Jonathan sitting in the wings as well. I think it is disgraceful that, if this is true, they are treating some Russians, who we don't know anything about, in preference to two credible people. Not only credible in their own right, but they are members of the club as well."

England, who joined Silverstone in 2006 from the tobacco company Gallaher where he was group commercial director and managed the sponsorship of the Jordan team, is chairman of both money manager BlackRock's emerging market investment trust and logistics firm The Pallet Network.

While England declined to comment, a spokesperson for the BRDC told the Telegraph: "The Board of the British Racing Drivers' Club (BRDC) have granted a period of exclusivity to an unidentified party who is a substantial overseas investor with long-established interests in the UK. Due to a confidentiality agreement the BRDC is not in a position to disclose the identity of the bidder at this stage. Discussions with the selected bidder will now proceed through a period of due diligence. Should these discussions appear to be leading towards a successful conclusion an EGM will be called to present the proposition to the BRDC Members."