Silverstone has received planning permission for its 'masterplan', the latest stage in its major revamp programme.
Recent years have seen the track layout heavily revised, and a new pit and paddock complex constructed between Club and Abbey, where the start/finish straight is now located.
The masterplan stage will see the addition of a new business park, technology park, education campus, three hotels, plus new spectator and leisure facilities.
Richard Phillips, managing director of Silverstone Holdings Ltd, hailed the planning approval as a major moment in the circuit's history.
"We are delighted with the outcome and approval of this planning application - this is the most important initiative that Silverstone has taken in its 60-year history as the Home of British Motor Racing," he said.
"This planning will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motorsport destination.
"I would also like to take this opportunity to thank both Aylesbury Vale and South Northamptonshire Councils, for the way in which the two planning authorities have worked together on this application."