Formula One chief Bernie Ecclestone said more money needs to be spent on British Grand Prix circuit Silverstone.
Interpublic sold the race rights back to the F1 boss who wants improvements if the British GP is to continue.
"I would welcome a new promoter coming forward and I would be delighted if the British GP goes ahead at Silverstone," said Ecclestone.
"It's the only possible circuit in the country which can host the race, but it has to come up to scratch."
Ecclestone has been critical of the track in the past, claiming it does not come up to the standards of other Formula One circuits.
"We saw at the last race in Bahrain what facilities should be like. The standard has been raised by the new venues and Silverstone has to fall into line."
The Silverstone circuit is owned by the British Racing Drivers' Club (BRDC) and Ecclestone feels it is their responsibility to turn the circuit around.
"BRDC has got a lot of land there and it's still receiving rent from Interpublic. On the back of that, they can raise the necessary cash and invest in the circuit.
"I have put a chunk of my own money in. All I have seen for it are new car parks. They are very necessary, but we need a new pit and paddock complex too.
"Unless the BRDC does this, there will not be another Grand Prix in the UK in 2005."