Residential homes to pay for renovationsThe club that owns Silverstone is stepping up its plan to retain the British Grand Prix.
According to whispers among members of the British Racing Drivers' Club, UK sports minister Richard Caborn will on Tuesday meet with BRDC
President Damon Hill to discuss refined plans to raise money by developing the land surrounding the Northamptonshire circuit.
Hill would use the money to give Silverstone's circuit facilities a much needed revamp, after Bernie Ecclestone suggested recently that the only way Britain might retain the race beyond 2009 is to share it with France's Magny Cours.
The BRDC's plans apparently involve the building of two hotels, 300 houses and a science park on the surrounding land it owns.
It is believed that the new plans would not involve modification to the circuit's current layout.
"I've been told a new pit complex could cost them between (US) $30 million and $60 million, which they say they can't afford, so these development plans would help them achieve that," said local councillor Dermot Bambridge.
But he admitted that plans for 300 new houses are likely to 'horrify' local residents because it would virtually double the size of the residential Silverstone village.
Source GMM
