Image: Major redevelopment is planned for the venue

A Museum of Motor Sport and three hotels are among the new additions planned for Silverstone after an extensive redevelopment of the Northamptonshire motor racing circuit were approved.

The scheme was given the green light by South Northamptonshire Council (SNC) and Aylesbury Vale District Council (AVDC) and is designed to secure the venue’s long-term future as an international motorsport facility.

Silverstone Holdings – the commercial arm of the British Racing Drivers' Club (BRDC) – is behind the plans, which will help establish the circuit as a leading leisure, business and entertainment facility.

A kart track, an outdoor stage and a business park also form part of the project, along with an education campus and other ancillary development. It follows the completion of a multi-million pound pit and paddock complex last year.

SNC, AVDC and Silverstone Holdings have now completed a legal agreement to secure infrastructure improvements needed to enable the 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."

Click here for more information on Silverstone's redevelopment.