SPORTS Minister Richard Caborn promised changes that will turn Silverstone into a world-class circuit yesterday, after it emerged that the British Grand Prix is almost certain to take place next year.
Formula One ringmaster Bernie Ecclestone and nine of the sport's 10 teams, reached an agreement on Tuesday that next year's calendar will incorporate 19 races, to include the threatened British and French events.
All but Ferrari were present at the summit meeting at Heathrow and, although a unanimous decision is required from the teams, there is every indication that the Italian marque will not go against the grain.
World motorsport's governing body, the FIA, also have to sanction the move, but it is anticipated that they will not stand in the way and it is expected that the British Grand Prix will take its place on the calendar when it is ratified next month.
Silverstone has long been criticised by Ecclestone for its out dated facilities, in contrast to many of the new venues which have appeared in recent seasons in Malaysia, Bahrain and China.
Millions of pounds have been spent in improving access to the track, but work is still required to bring the circuit up to the standards demanded and it now appears that those will go through.
A delighted Caborn said: "This deal is excellent news, not just for the thousands of Formula One fans in Britain but the motor sport industry that revolves around the Silverstone Grand Prix as well.
"It now represents a fantastic opportunity for everyone involved in British motor sport to further enhance the industry's reputation as a world leader.
"We are now determined, through the partnership of the British Racing Drivers Club, local authorities and the development agencies, not just to make the necessary circuit improvements but build the world's best high-performance motor sport industry cluster too.
"With many F1 British-based teams now remaining on these shores, we will have the continued supply of 40,000 jobs as well.
"I particularly welcome Bernie Ecclestone's and all the F1 teams' decision to run the extra races that have allowed Silverstone on to the 2005 calendar and his decision to take on the promotion of the British Grand Prix next year.
"This has undoubtedly been a tough few months for everyone involved in negotiations, but I hope this announcement presents a new chance for us all to work together to achieve what are our common goals. To see Formula One continue at Silverstone and the British motor sport industry to prosper in the worldwide business market."
East Midlands Development Agency chairman Derek Mapp, who has represented government departments during negotiations, added: "This is great news for both British motorsport fans and manufacturers.
"It provides the basis to obtain additional investment and to secure the future of Britain's leadership of this world-class business."