The British Racing Drivers' Club (BRDC) is split over the future of Silverstone and the British Grand Prix.
Silverstone came close to losing its place on the F1 calendar
The BRDC, which owns the circuit, will next month discuss plans for developers St Modwen to revamp the 800-acre site.
But a group led by former British F3 champion Harry Stiller has attacked the plans and wants to put forward an alternative to the proposal.
"We are being asked to vote on a development which puts our club in jeopardy," he told the Daily Telegraph.
The St Modwen scheme is thought to include a radical overhaul of Silverstone's facilities and the introduction of hotels and other attractions. St Modwen would require a 150-year lease.
Stiller's group alleges a lack of transparency in the negotiations that led to the appointment of St Modwen.
It believes that an agreement, which signs away the club's rights for 150 years, puts both Silverstone and BRDC at risk.
Instead it wants a deal that will keep Silverstone in the hands of the members without needing to sign away the rights to the Northamptonshire site in a lease agreement.
"We hope to present our ideas after the meeting in February and before the AGM in April," Stiller said.
"There is concern about the way this whole thing has been managed.
"I don't want to give any of our assets away on the cheap. Under the proposed deal it is my belief that we could lose control of the property entirely."
The St Modwen deal has the backing of outgoing BRDC president Sir Jackie Stewart and most of the board members.
Stewart said he was unaware of any alternative plans.
"They are unknown to me and the board," he said. "The board would welcome any suggestions, but it is getting awfully late in the day for that.
"Members were aware that bids had been out to potential partners. The members have had briefings from me and chairman Stuart Rolt.
"We hope to secure the long-term future of the BRDC and the British Grand Prix without eating into our capital."