Both Aylesbury Vale District Council and South Northamptonshire Council have approved* Silverstone Circuit's outline planning application, which supports the venue's 20-year Masterplan - the next big step towards securing the long-term future of the international venue, which is owned by the British Racing Drivers' Club (BRDC). This significant outcome demonstrates both Councils' support of the BRDC and Silverstone's vision for the future.

Development of the Masterplan for Silverstone Circuit will realise the potential of this iconic international centre of the motor sport industry, and further strengthen its position as not only the home of the British Grand Prix, but also one of Britain's most important assets in the high performance engineering sector.

The development of Silverstone will create around 8,400 permanent jobs with firms and activities attracted to the site, plus an average of around 550 construction jobs per annum throughout the development phase. At least 4,800 of these jobs are likely to be entirely new to the area.

Approval of the Masterplan conforms with the Silverstone Development Brief, issued in February 2009, and comprises:

Business park (maximum 122,519 sqm; use classes B1, B2 and B8)

Technology park (maximum 62,662 sqm, use classes B1, B2 and B8)

Education campus (maximum 34,658 sqm; use classes D1 and C2)

Three hotels (maximum 39,847 sqm; use class C1)

Ancillary retail and spectator facilities, including 'Welcome Centre' and 'Museum of Motor sport' (maximum 61,964 sqm; use class D2), with promotional and experiential automotive display space (maximum 18,600 sqm)

Improved leisure and event spaces, including a kart track and outdoor stage (maximum 65,075 sqm; use class D2)