The sports minister has said Gordon Brown is committed to keeping the British Grand Prix at Silverstone – but warned no Government cash is available to save the race.
The British Racing Drivers Club, which owns Silverstone, only has a contract to hold the race at the South Northamptonshire track until 2009. In a bid to appease the circuit's top critic, Formula 1 boss Bernie Ecclestone, the BRDC has put together a multi-million-pound development plan to improve the circuit and secure the race's future.
And after receiving a briefing on the plans at Silverstone yesterday, sports minister Gerry Sutcliffe said the Government was committed to securing the future of Formula 1 racing in Northamptonshire.
He said: "We want to see a British Grand Prix at Silverstone and we'll do everything we can to make that happen."
But he warned the Government could not sign a blank cheque to save the race, adding: "We can't just put money in, and we're not actually being asked to do that.
"But if we didn't get the Grand Prix it would be very disappointing.
"We believe the home of motorsport should be here at Silverstone and we want to retain the Grand Prix, the Prime Minister has said that himself."
The BRDC's masterplan for the track includes plans to build two hotels, a concert arena, a university campus and a museum. There would also be major upgrades to Silverstone's grandstands and pit facilities, improvements Bernie Ecclestone has been demanding for years.
The organisation's president, former F1 world champion Damon Hill, said the plans were as radical as the circuit allowed.
He said: "A lot of effort has gone into this. We're going to the very edge here of what's sane and deliverable.
"But we sincerely want to deliver a British Grand Prix."
South Northamptonshire Council will make a decision on the plans in the near future.
They can be seen on the council's website:
www.southnorthants.gov.uk