With the second phase of Silverstone's redevelopment – focused around the new Â£28 million 'wing' pits and paddock complex – now complete, attention is shifting to a wider update that will include hotels, a new kart track, music arenas, car showrooms and experience centers.
The board of Silverstone Circuit hopes to approve the scheme at a meeting ahead of the British Grand Prix, before it is then sent to the local authorities over the next few weeks for approval. It is hoped that the plans can then be signed off fully later this year.
Before the plans can progress, however, Silverstone's owner, the British Racing Drivers' Club, needs to find investors to fund the project.
Silverstone's managing director Richard Phillips said: "It won't happen overnight and it will require funding.
"We've improved viewing, we have improved grandstands and there are a lot of things we have done right. But we have still got a lot more to do in terms of really creating the atmosphere that is required. You are competing in the leisure market and it is quite competitive out there – there is some really good stuff. We have to be up there with it."
BRDC chairman Stuart Rolt said that early feedback from potential investors was positive, but nothing could yet be taken for granted. He also refused to divulge what level of costs the redevelopment would cost – but ruled out any help from the government.
"We've had a good level of interest from investors and we are talking to serious people," he said. "We are happy with the way things are going." Yahoo Eurosport