Possible boost for Silverstone

The government is expected to help the Silverstone circuit

Millions of pounds of public money could be used to upgrade Silverstone race track and safeguard the future of the British Grand Prix, according to a report.

The government is expected to announce a £16m fund next week to support Britain's motorsport industry and additional aid to improve the Northamptonshire's circuit's infrastructure.

Confirmation of the fund will follow the publication of a Department of Trade and Industry-backed report which highlights the contribution the industry makes to the UK economy, the Financial Times has reported.

Extra money to improve facilities at Silverstone are being negotiated between government officials and Formula One's governing body the FIA.

'Too early to say'

A spokesperson at the DTI on Saturday refused to comment on the possible size or form the fund might take as talks were still on-going.

But the government is thought to be seeking support from private businesses to help in the redevelopment the track.

Race organisers Octagon on Saturday refused to comment on the news.

Last week motorsport boss Max Mosley refused to guarantee Silverstone's status as a Formula One venue beyond this year.

"It's too early to say," Mosley, president of governing body the FIA, told Radio Five Live Formula One.

"All I can say is the problem is solvable. What I can't say is whether it will be solved."