A £25m redevelopment of Silverstone, which could help secure the British Grand Prix's future, has been approved.
Silverstone's facilities are badly in need of an upgrade
Members of the British Racing Drivers' Club, who own the Northamptonshire circuit, backed the ambitious scheme at an extraordinary general meeting.
It includes new grandstands, pit and paddock facilities, a science park, manufacturers' test centre, hotel and conference centre, plus new homes.
BRDC chief Damon Hill said: "It's a great result for British motorsport."
Silverstone's contract to stage the British GP expires in 2009, and F1 supremo Bernie Ecclestone has insisted on major improvements at the track.
Former F1 champion Hill said: "The BRDC's masterplan is not only important to Silverstone and its continued hosting of the British GP, but also the development of the sport in this country.
"We can only continue to develop exciting young stars like Lewis Hamilton if we have the best facilities at which to nurture such talent.
"Having won the British Grand Prix myself I know how special it is for a driver to win their home race.
"So we would very much like for that opportunity to be there for future generations."
BRDC chairman Robert Brooks added: "This is a clear demonstration of the club's absolute commitment to deliver a world-class venue of which British motor sport enthusiasts can be truly proud."