The company claiming to have saved the British Grand Prix says the race will continue to take place at Silverstone.
Brand Synergy says it has agreed a seven-year rights deal for the GP with Formula One supremo Bernie Ecclestone.
"We've saved the British Grand Prix and we're keeping it at Silverstone," consortium leader Kim Cockburn told BBC Radio Five Live on Saturday.
A spokesman for Silverstone's owners the British Racing Drivers' Club said: "No agreement has yet been reached."
The BRDC spokesman added that discussions were continuing.
Cockburn admitted the BRDC had not yet agreed to the deal.
"Bernie was happy with us to sign a seven-year deal. However, the BRDC have
decided they need more time to consider our proposal," she said.
Earlier this week, the BRDC played down reports that it had reached an agreement with Brand Synergy, saying it wanted proof of the consortium's financial plan before agreeing a deal.
The British Grand Prix was omitted from F1's provisional 2005 schedule after the BRDC failed to come up with the price that Ecclestone was demanding they pay to host it.
Cockburn said: "We feel the way forward is for Bernie Ecclestone to keep the promotional
rights and to promote the race at Silverstone until the BRDC can reach an
Ecclestone has long been a critic of facilities at the Northamptonshire venue, although it is a popular track with drivers and several teams are based in the area.
But Cockburn said Brand Synergy were planning significant improvements in partnership with the BRDC and another investor.
"Our proposal is that a new company is set up to get planning
consent on the land at Silverstone to deliver a Silverstone we can be proud of
with a new grandstand, new pits and paddock," she said.
"We feel that, at the moment, the most important thing is to save the British
Grand Prix and keep it at Silverstone. That's all we want to achieve.
"We're continuing our discussions but the BRDC are a club of over 700 members
and they have got to make sure our proposal gets their approval."