Silverstone has submitted a planning application to the local council to build several new facilities, including hotels, a museum and a kart track at the circuit.
Silverstone is currently undergoing a major transformation, with a brand-new pit and paddock complex in use at this year's British Grand Prix for the first time. The plans for the future include business and technology parks; three hotels; a welcome centre and museum of motorsport; a new outdoor stage and kart track and improved grandstands, bridges and tunnels.
"This is the most important initiative that Silverstone has taken in its 60 year history," managing director Richard Phillips said. "Things have changed dramatically since the early days. Approval of this planning application will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology and support its vision of becoming a World leading motor sport destination."
The press release said Silverstone wants to become "one of the most important economic assets in Southern England" and claims "the development will create around 8,400 permanent jobs in the firms and activities attracted to the site, plus an average of around 550 construction jobs per annum throughout the development phase".
Stuart Rolt, chairman of the British Racing Drivers' Club which owns Silverstone, said: "The submission of this planning application is a big step forward in releasing the commercial potential of Silverstone and its 760 acre Estate. The timing of this planning application is closely linked into the process we are currently undergoing to seek potential investment from third parties that will enable us to move forward with our plans more rapidly."
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