Silverstone, the home of the British Grand Prix, is set to be leased out for 25 years as part of a deal to renovate the Northamptonshire circuit.
The track’s owners, the British Racing Drivers’ Club, last week announced they supported development company St Modwen’s plan to overhaul Silverstone - building leisure facilities and a hotel.
The precise details of the scheme remained sketchy until Northern Racing, a sister company of St Modwen, announced the terms this morning.
If the plan gets the go-ahead the BRDC will lease out Silverstone to Northern Racing for a 25-year period.
Northern Racing, the company which runs nine horse-racing courses including Uttoxeter and Chepstow, would then take over at Silverstone for the next quarter-of-a-century.
The plans will be put before the BRDC members at an extraordinary general meeting on February 22 before a final vote at their annual general meeting in the spring.