Thursday June 8th, 2000

Silverstone circuit owners announced today the creation of a new company to promote and run events at the track.

The British Racing Drivers' Club (BRDC), track owners since 1971, said it hoped that the formation of a new company would help Silverstone's chances of regaining the British Grand Prix when its current contract ends in 2001.

Rival circuit Brands Hatch acquired the rights to host the race from 2002 last year after a long and acrimonious dispute.

The BRDC said that more than 75 percent of its members supported the plan for a new company, separate from the club itself, to take responsibility for commercial and promotional affairs.

The BRDC's veteran president and former Formula One team owner Ken Tyrrell said: "I am absolutely delighted that, at last, the whole club has united."

Tyrrell had been concerned that, following a takeover bid by Brands Hatch last year, many members of the club had lost faith in the club's future and appeared to be more interested in selling their shares.