Silverstone turns a profit

Crowd at Silverstone in 2006

Silverstone's hopes of retaining the British Grand Prix have received a major boost, according to reports in the Independent.

The British Racing Drivers Club (BRDC), which owns the Silverstone venue, has been warned by Formula 1 supremo Bernie Ecclestone that facilities must be significantly upgraded in order for the race to remain at the track.

The BRDC have got local authority approval for the redevelopment of the circuit and the news that Silverstone made £13.6m in gross profits in 2005-2006 will be welcomed by officials hoping to see the £25m project through.

Silverstone's F1 contract runs out in 2009 and the upturn in financial fortunes will help the BRDC's plans to construct a new pit and paddock complex, a test centre, business park, two hotels, a university campus, and some new homes near the circuit.

The £13.6m profit is a superb turnaround for the track as it made a £2.6 loss the previous year. Setanta Sports