Nine bidders for Silverstone project

The track's owners are to choose a company to complete the £600 million revamp, which will include off-track facilities such as residential and leisure use.

The board of the Project Hill Committee will met to review the position and decide on a short list of three or four developers who will be invited to make presentations in the near future.

"The Committee will then report back to the Board, hopefully at its meeting in late November," said the BRDC in a statement. "This will enable the Board to decide which, if any, of the bids meets our financial criteria and the overall objectives of the Club.

"If the Board decides that one or more of the bids satisfy our objectives, it will authorise the Project Hill team to move ahead and refine a proposal, which can subsequently be assessed by the Board for submission to members for consideration.

"In the meantime our focus is on getting a detailed understanding of who is offering the Club the best proposal. Every bid is different and we will have our work cut out in the next three weeks to sort out the most attractive proposals."