The British Racing Drivers' Club (BRDC) has announced it has become the operator and promoter of the Silverstone circuit.
This follows the decision by Interpublic, the world's No. 2 advertising group, to transfer the circuit, business and assets of its subsidiary company, Silverstone Motorsport Ltd, back to the BRDC earlier this year.
The transfer was executed on Wednesday, when Interpublic's lease and related obligations at Silverstone were finally terminated.
Silverstone Circuits Limited, a subsidiary of the BRDC, has now assumed the responsibility of operating and promoting the circuit, which will host the British Grand Prix at least until 2009 after having struck a deal last week.
"Becoming the operator and promoter of Silverstone, through Silverstone Circuits Ltd, as well as being the circuit owner, gives us complete control over the future of the venue and a strong influence over the various events we host," said Alex Hooton, Chief Executive of the BRDC.
"Together with our new five year agreement to host the British Grand Prix, these changes ensure that the circuit has a very bright future."
The BRDC also announced that it has appointed Richard Phillips as managing director of Silverstone Circuits Limited.