Silverstone on verge of being sold
The report said the planned deal is to get upgrades to the Northamptonshire venue completed and prevent the F1 race's scheduled move to rival circuit Donington.
A letter to the circuit's fellow directors asks them to vote at an August 25 meeting for a plan to make Silverstone "capable of hosting grands prix should the opportunity arise".
But a former director, John Fitzpatrick, said members of the track-owning British Racing Drivers' Club (BRDC) "will not stand by and let the directors ask them to sign away their rights".
He confirmed that the directors have been in advanced talks for "quite some time".
BRDC president Damon Hill denied the claims, insisting he has "no idea of anybody who has been engaged in a deal". However, the 1996 world champion did admit that the goal is to "attract a significant investor to take on the risky part of running Silverstone".
F1 chief executive Bernie Ecclestone said: "I've not spoken to anybody."
08/16/09 According to the Sunday Express newspaper, 'Silverstone is on the verge of being taken over by Middle Eastern financiers in a bid to secure the future of Formula 1's British Grand Prix.' John Fitzpatrick, former BRDC director, is quoted by the paper as saying that former F1 driver Jackie Oliver 'let it slip that the board has been in advanced talks with people for quite some time'.
'Jackie says this lease has got to be for about 150 years and anyone who takes over is going to have to invest £60million or £70million. 'His words were: 'Only a sovereign wealth fund could afford to do this.'