A business partnership has submitted a joint venture proposal to Silverstone owners the British Racing Driver's Club (BRDC) to secure the future of the circuit and the British Grand Prix.
The partnership, formed by the chairman of the Focus/Wickes DIY chain Bill Archer and by real estate entrepreneur Mike Rockall, would secure the future of the race after 2009, when the current contract ends.
The proposal would allow the BRDC and the partnership to form a joint venture company for the future development of Silverstone and would also ensure immediate funds are available for improvements to the British track and its facilities.
The new partnership said it would also provide the British Grand Prix with a new promoter to replace the BRDC, while protecting the future financial independence and member benefits of the Club.
"In this time-critical situation, our JV proposal can achieve the core objectives of the BRDC; to retain the F1 Grand Prix long term, finance the necessary improvements to Silverstone, and ensure the continuation of the independence, finances and member benefits of the Club," Archer and Rockall said in a statement.
"We have submitted our proposal to the board of the BRDC and we look forward to discussing it with them after what we all expect will be a successful Grand Prix weekend at Silverstone.
"The UK is the world's premier nation in the world in the motor sport industry. Silverstone must be improved to the highest international standard to retain that pre-eminence.
"We are confident as experienced and successful businessmen, working in partnership with Bernie Ecclestone, F1 and the BRDC, we can open a new chapter in Silverstone's proud history."