British Grand Prix F1 venue Silverstone no longer for sale

The BRDC had been in talks with potential investors, including the Jaguar Land Rover group, for several months as it attempted to raise the funds to continue hosting the British Grand Prix.

Others in the frame included Jonathan Palmer's MotorSport Vision firm, but it pulled out of the running before Christmas.

Earlier this year, with talks stalled, the BRDC was forced to deny that it would operate a break clause in the British Grand Prix contract as the cost of hosting the F1 race was increasing.

However, in light of Liberty Media's takeover of Formula 1, the BRDC has reconsidered its position and has now decided to take its own path to safeguard the future of the circuit and the British Grand Prix contract.

In a statement to members, BRDC chairman John Grant said: "We expected to pick up discussions with our 'unnamed substantial overseas investor' again [at the start of] the New Year.

"After further reflection and, in particular, completion of the sale of Formula 1 to Liberty Media, [the] Board has now decided to shelve discussions about a sale and continue on a go-it-alone basis.

"While this is not without risk, we feel sufficient confidence in the improved prospects for our business to justify this change of direction."

Grant also said that the decision not to sell the circuit means that several background changes, which had been put on hold while the talks were on-going, would now be put in place.

They include the removal of the club secretary role and the introduction of a new voluntary club ambassador.