New bid to secure British GP future

Two UK businessmen have submitted a joint venture proposal to Silverstone owner the British Racing Drivers' Club in the hope of securing the British Grand Prix's future.

Bill Archer, the founder and former chairman of the Focus/Wickes DIY chain, and entrepreneur Mike Rockall, whose interests include the Whittlebury Hall spa resort near Silverstone, are behind the bid.

They have proposed a partnership with the BRDC, and have pledged to do the following:

"Ensure immediate funds are available for essential improvements to Silverstone and its facilities.

"Provide the British Grand Prix with a new promoter, relieving the BRDC of the significantly increasing cost of underwriting the event.

"Protect the future financial independence and member benefits of the BRDC."

Silverstone's current contract to host the British GP expires after 2009.

The BRDC has been under pressure to find investment partners to help it make the upgrades to the track's facilities that Formula 1 supremo Bernie Ecclestone has long demanded. More at ITV/F1