Sports minister Richard Caborn has backed a master plan from Silverstone chiefs to secure the future of the British Grand Prix.
Caborn hopes the plans will secure the British GP welll beyond 2009
Caborn attended a presentation made by the owners of the circuit, the British Racing Drivers' Club, to local councils and regional development agencies.
The plan includes new grandstands, pit and paddock facilities.
Caborn said: "The master plan really builds on the Silverstone brand and shows a great deal of potential."
Despite recent redevelopment, Silverstone's future as a Formula One venue remains under threat.
And BRDC president and former F1 world champion Damon Hill conceded earlier this month that the British Grand Prix was "hanging in the balance" as Middle and Far Eastern circuits became more attractive.
But the BRDC, which owns the track, hopes a redevelopment of the circuit will guarantee its place on the calendar beyond 2009.
Caborn said: "The master plan is not only important to Silverstone and its continued hosting of the British Grand Prix, but also the development of the sport in this country.
"It gives a real opportunity to British motorsport to realise its ambitions in the not-too-distant future."
Hill said: "We hope we can move forward to make Silverstone a place we can be really proud of in this country, not just for the BRDC, but also for the UK to beam motorsport and our event around the world."