Silverstone bosses vowed to continue fighting to save the British GP despite claims from F1 supremo Bernie Ecclestone the race would be axed.
Silverstone might be dropped from F1 next season
Ecclestone told the British Racing Drivers' Club, Silverstone's owners, that talks were over after failing to reach agreement over contracts.
But the BRDC hopes pressure from F1 teams can move Ecclestone to back down.
BRDC boss Sir Jackie Stewart said: "We will explore other avenues by talking to teams, manufacturers and sponsors."
After a BRDC board meeting on Thursday, Stewart added: "We hope there will be a positive support for the British GP as a result of the F1 team principals meeting with Bernie Ecclestone on Friday."
BRDC chairman Ray Bellm said: "We have been in intense negotiations for nine months and we met the bulk of the terms, including closing the gap on fees. We thought we were close to agreement.
"However the major stumbling block is over the length of contract. The only way forward for us is a two-year contract which would give us time to plan and secure the long term future for the British Grand Prix.
"We have financial limits on what we can afford.
"We need a British Grand Prix to sustain the long term stability of the valuable British motorsport industry and for the sake of Silverstone.
"We have done our utmost to come to an agreement but the present terms are not financially viable."