A historic agreement between Brands Hatch and Silverstone, due to be approved as CIT went to press, will lead to a substantial upgrade of on-site corporate hospitality facilities.
The agreement revolves around the British Grand Prix, which, pending approval by the British Racing Drivers' Club (BRDC), will now be held at Silverstone over the next 17 years.
Brands Hatch, meanwhile, through its owner Octagon, has secured a 15-year lease to manage the Silverstone circuit.
Under the terms of the pact a new company is to be established, which will be responsible for managing five British circuits.
Comenting on the deal, Silverstone spokesperson Peter Morris said it was good news all round.
'This agreement safeguards the future of the British Grand Prix, and brings with it some exciting opportunities for investment,' he said.
A figure of around pounds 10m has been put on the upgrades scheduled for Silverstone.
These will include a new Formula 1 pit complex, improved road access and parking, as well as 'significant development' of the circuit's corporate hospitality facilities.
Originally, Brands Hatch was to host the British Grand Prix in 2002, but failed to get planning permission to update its circuit in time. Brands Hatch spokesperson Maria Bellanca said she was unable to comment on the latest developments until the deal was officially ratified. An extraordinary meeting of the BRDC was set for 18 December.
Frank Lowe, CEO, Octagon, stressed the agreement did not reduce the company's commitment to 'developing Brands Hatch as a major motor racing venue'.