Government ready to invest

With Silverstone's owners, the British Racing Drivers' Club, having reached a five-year deal for the future of the event, Caborn claims that the way is now open for the government to back the sport like never before.

Speaking at the opening of the new £4.2 million Silverstone Innovation Centre, Caborn indicated that he supported any plans for greater government investment in motor sport.

"It [the British Grand Prix deal] will give us the opportunity to move forwards," said Caborn. "The Innovation Centre is only the first stage of a major development here at Silverstone that will really underpin the motor sports industry in this country.

"We are looking at how we can invest in manufacturing. This [motor sport] is one of the leading edge technology manufacturers. What happens in F1 today happens in the luxury car market tomorrow - and that is real technology transfer.

"We have got to make sure our universities are involved in this, make sure the sport is at the highest level involved and we want to make sure that we create a synergy that has got very deep roots indeed."

Caborn has been involved in the negotiations to save the British Grand Prix and has welcomed action of government agency the East Midlands Development Agency in providing financial support for the redevelopment of Silverstone - starting with the Innovation Centre.

"Motor sport is very important to the local economy, which is why I have congratulated the local authorities for having the vision to come into partnership with government and the BRDC to make sure we can develop Silverstone to have a sustainable motor sports industry in this country.

"It is a win, win situation for all of us - government, local authorities and the BRDC. This is an industrial cluster that could be the envy of the whole world."

He added: "What we have said is that if they secure the British GP here then we are prepared and stand ready to help the development of the motor sport industry, which is important not just to the economy but to the whole of the UK.

"We are prepared to come as a partner, through the development agency EMDA, to make sure that this site becomes one of the leading sites in the world - for both motorsport and high performance cars."