Aylesbury Vale District Council and South Northamptonshire Council approved the outline planning application for the work, which will see the construction of an outdoor stage, three on-site hotels and a Museum of Motor Sport housing up to 18,600sqm of display space. A welcome centre and kart track will also be built.
Silverstone Holdings managing director Richard Phillips described the plans, which include a business park and a technology park, as "the most important initiative that Silverstone has taken in its 60 year history".
Silverstone is owned by the British Racing Drivers’ Club (BRDC) which has been developing the racing venue for several years, opening the 3,700sqm Silverstone Wing exhibition complex this year.
South Northamptonshire Council leader Councillor Mary Clarke said: "Development around Silverstone race circuit will now continue at-a-pace, despite the continued economic downturn."
The BRDC is now seeking a major third-party investor for the 20 year masterplan - Silverstone told Event the BRDC have been talking to one preferred bidder for several months.
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