Foulston pulls out of Silverstone bid

Instead she will push ahead with plans to stage the 2002 British Grand Prix at Brands Hatch.

Her BHL group's six-year deal to run the UK's biggest race was confirmed last week after being exclusively revealed in AUTOSPORT.

At the time she said the British Racing Drivers Club had an opportunity to accept her takeover bid for Silverstone, but she has now withdrawn this offer.

'I have insisted all along that we are interested in buying any race circuit in the world, but we are withdrawing our formal offer to purchase Silverstone,' she said.

'We have a lot of work to do down at Brands Hatch and that's what we will be concentrating on.'

Silverstone Circuit's chief executive, Denys Rohan, was pleased with Foulston's withdrawal, saying 'This is splendid news. It looks like she has got the message from the BRDC members. It was a lost cause for her anyway.'

Foulston's agreement with F1 boss Bernie Ecclestone gives her more choice of venue.

'If by chance she manages to secure Silverstone, she can put it on there,' he said.

'If not, it will be at Brands.'

The announcement of the deal has done little to ease the already strained relationship between the two circuits.

Foulston's contract is reputed to cost BHL £11 million per year, with an annual increment of six per cent, a figure believed to be double the amount currently paid by Silverstone.

Foulston angrily responded to claims that the deal was 'desperate' and would lead the group into financial difficulty.

'Even with Silverstone having a GP, we are twice as profitable as them and yet there is a feeling out there that as a company we are smaller, or don't have the financial wherewithal to commit to this kind of project,' she said.

'I have worked hard over the past 10 years to establish a bedrock from which we able to launch an initiative of this kind.

'It is Silverstone who are out of their depth.'