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Silverstone is on course to receive £9.1million in lottery funding to assist with its development of a heritage centre at the circuit.
The Northamptonshire track is one of just six schemes to be handed a first-round pass by the Heritage Lottery Fund (HLF), with many illustrious names falling by the wayside.
Silverstone Heritage Live, which is to cost a total of around £20million, is planned to open in 2016 and is to bring the circuit's history to life.
It will feature an archive from the British Racing Drivers' Club, which will include exhibits from past and present stars, a heritage trail and live interactive experiences.
The HLF has provided initial funding worth £446,068, to which the BRDC will add further cash and volunteer input to allow development work to a total of almost £900,000 to be undertaken.
That will help the BRDC and Silverstone progress its plans to apply for the full grant in November 2014.
BRDC chairman Stuart Rolt said: ``We are very proud to have won this grant and are extremely excited about the project.
"The BRDC and Silverstone have played an important part in the history of British motor sport, and the Silverstone Heritage hub will give us an opportunity to share this with motor sport fans from around the world.
"The experiences, memories and collections of the BRDC members, fans and others associated with the sport provide a unique resource with which to tell the compelling story of Silverstone and British motor sport.
We believe the Heritage Centre will increase our visitor number by over 300,000 each year.''
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