The British Racing Drivers' Club has pledged to promote the British Grand Prix in a bid to secure the future of the race at Silverstone.
The BRDC are hoping to safeguard Silverstone's future
The BRDC, owners of Silverstone, has had scant success with backers for the race, which lost around £10m this year.
A statement from the group said: "The BRDC has submitted an offer to promote the British GP for 2005, 2006 and 2007.
"This offer has been made on terms that do not create a profit, and carry an inherent commercial risk for the BRDC."
Formula One supremo Bernie Ecclestone has repeatedly stated his desire to see Silverstone's facilities improved further despite major investment in recent seasons.
The BRDC believes securing the rights to the race will provide it with a foundation for the future.
The statement added: "It is seen as the essential first stage in a programme
of major development at the Silverstone circuit.
"We hope it becomes a true statement of the world status of British motorsport and its industry."