A company - of which 1992 world champion Nigel Mansell is a director - is claiming to have secured a long-term deal that will keep Silverstone and the British Grand Prix on the calendar.

Talking on behalf of the company, Brand Synergy Limited, director Kim Cockburn told BBC Radio Five Live that her company could provide the necessary funding.

"We have agreed with Bernie Ecclestone to sign a seven-year F1 Grand Prix licence," she said. We have sent our proposals to the BRDC. We share their vision to develop and deliver the masterplan that will make sure that Silverstone stays firmly on the map for the years to come.

When asked if this means that the future of the race is secure, she replied: "Correct".

That said, it's understood that are many issues still to be resolved, not least the major refurbishments that Bernie Ecclestone wants carried out at Silverstone, in addition to the fact that his reduced fee offer is only temporary.