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19 December 2011, 12:40 | Updated: 19 December 2011, 12:49
Proposals to build new business and technology parks and new hotels at the Silverstone racing circuit have been approved by planners.
The British Grand Prix circuit's been given outline planning permission for its twenty year masterplan by the two local councils at the heart of the scheme - South Northamptonshire District Council and Aylesbury Vale District Council.
The circuit will now be able to push ahead with the development of new facilities, potentially creating more than 8,000 jobs.
There will also be a kart track and an outdoor stage. There are also plans to build new grandstands and a support paddock, and a new bridge and tunnel to improve pedestrian access at the circuit.
Silverstone Holdings Limited managing director Richard Philips said "we are delighted with the outcome and approval of this planning application.
"This is the most important initiative Silverstone has taken in its sixty year history as the home of British motor racing.
"This planning will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motorsport destination."
Silverstone had made no secret of the fact they need considerable investment to bring their plans to fruition, but it remains to be seen who has won the bid to assist Silverstone with their redevelopment.