Red Bull team principal Christian Horner has accused Silverstone of "serious misjudgement and mismanagement" after the circuit's owners gave notice of their intent to pull the plug on Formula One.

Formula One supremo Bernie Ecclestone has suggested he will remove the British Grand Prix from next season's calendar if Silverstone does not agree to a deal in the next two days.

The promoters of next year's British Grand Prix have announced a £10.6m investment in improving traffic flow and car parking at Silverstone in a bid to convince race bosses not to cancel the event.