Aylesbury Vale District Council and South Northamptonshire Council have approved plans put forward by Silverstone for a comprehensive development of the motor racing circuit.

A 20-year masterplan for the British Racing Drivers' Club (BRDC)-owned venue has been drawn up in a bid to safeguard its long-term future as an international motorsport facility.

The decision to approve the outline planning application, subject to the conclusion of section 106 agreements, conforms with the February 2009 Silverstone Development Brief.

A kart track; an outdoor stage; a Museum of Motor Sport; three hotels; and a business park form part of the plans, along with an education campus and other ancillary development.

Silverstone Holdings managing director Richard Phillips said: "This is the most important initiative that Silverstone has taken in its 60-year history as the Home of British Motor Racing.

"This planning will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motor sport destination."

It follows the completion of a new multi-million pound pit and paddock complex, which was unveiled earlier this year and boasts 41 garages; a media centre; and three large halls.

Details: www.silverstone.co.uk