Jonathan Palmer's MotorSport Vision building race circuit in France

Jonathan Palmer's firm already owns Brands Hatch, Oulton Park, Snetterton and Cadwell Park plus its test and corporate facility at Bedford.

A statement said its new MSV France arm will turn the former Laon-Couvron military airbase "into a huge motorsport village, with the focus being a magnificent five-mile circuit, featuring a uniquely long 1.5-mile main straight where top speeds of over 200 mph will be possible, together with fast flowing corners and extensive run-off areas".

Though Laon's primary use will be track days, corporate events and testing, it will also host four race meetings each season, focusing on sportscars, historic, club and motorcycle racing.

The 1263-acre site includes two runways plus workshops, accommodation buildings, a sports centre, restaurant, cinema, rifle range and an equestrian centre from its days of military use.

Palmer said: "Our purchase of the Laon-Couvron airbase is a tremendously exciting landmark for MSV and one which will substantially grow our business over the next 10 years.

"We have been eager to expand into Europe and had targeted this area, midway between Paris and Brussels, so that our new Laon Autodrome circuit will serve not just the French market but equally importantly the whole of northern Europe.

"With the extensive engineering workshop space available alongside the driving circuits, we also believe Laon Autodrome will prove a very attractive base for automotive engineering companies and race teams who value an accessible, central European base."