Pictures have been released of the man who died at the Silverstone Classic meeting at the weekend.
Denis Welch from Staffordshire was driving a 1960s sportscar during the event.
Mr Welch ran a motor spares business for classic cars.
A man has died while driving at the Silverstone Classic. He's been named as Denis Welch.
Eyewitnesses say the accident was on the "first lap" event which meant the cars were going fairly fast but this happened as the cars bunched together at the hairpin bend ahead of the Wellington Straight.
It's estimated the cars had slowed considerably at this point and were doing no more than 30mp but two touched and one vehicle rolled over.
1960s sports cars do not have the safety equivalent of their modern counterparts and are inherently more dangerous to drive.
The Silverstone Classic event is believed to be the world's biggest classic sportscar race gathering and organisers say there has not previously been a fatality during its 24 years.
A spokesman for Silverstone Classic said "The event organisers, the race organisation, and the circuit’s medical and emergency services, will all now be co-operating with the Police and the MSA, the UK official motor sport governing body, to conduct a full investigation. All those involved in the event offer sincere condolences to family and the friends of Denis Welch at this very sad time."
A spokesman for Silverstone Classic has confirmed that a participant in this weekend's event had died following a racing accident.
The man has been named as Denis Welch.
"It is with great regret that the organisers of the Silverstone Classic have to report that, following an accident in a race for HGPCA pre-66 Grand Prix Cars today, Sunday 27th July, the driver of car number 19, Denis Welch, succumbed to his injuries later in the circuit’s Medical Centre."
Two former RAF fighter jets have been sold at auction at the Silverstone racetrack in Northamptonshire for a total of more than £140,000.
The 1976 Hawker Siddeley Harrier GR3 and 1988 Panavia Tornado F3 went under the hammer without a reserve.
The Harrier was bought by a private buyer in Essex for £105,800 and the Tornado went to a woman from the UK for £36,800.
The planes were lots in The Silverstone Classic Sale.
Two former RAF fighter jets are to be sold at a public auction at Silverstone racetrack in Northamptonshire today.
A 1976 Hawker Siddeley Harrier GR3 Jump Jet and a 1988 Panavia Tornado F3 will go under the hammer.
The Harrier, which served during the Cold War, Belize and the Falklands, is described as being preserved "in almost time capsule condition".
We've never offered anything like this before and it's a privilege to be able to offer one of, it not the finest, Harrier in the world.
The history and provenance of the plane, combined with the fact that the aircraft is so complete, means this really is an exciting opportunity.
The British Motorsport summer continues this weekend in Northamptonshire as the Silverstone Classic gets underway.
Some of the world's finest, and most valuable cars will be at the track for the three day event of classic motor racing and festival fun.
Watch Sarah Beecroft's report below
Formula One's British Grand Prix is taking place this weekend and thousands of people are expected to attend the event which was first staged in 1926
2014 is its 50th year and a team from Northamptonshire are hoping for some success.
Click above to watch a report by ITV News Anglia's Rob Halden Pratt.
A Northamptonshire team is hoping for success at the British Grand Prix this weekend.
Click above to watch a short clip from Sahara Force India's Chief Operating Officer Otmar Szafnauer.
There will be a number of road closures for the British Grand Prix at Silverstone this weekend.
- The A43 will be closed to through traffic from 5am-9pm 4th/5th/6th July between Towcester and Welsh Lane (B4525)
- Local diversions will be managed by the Highways Agency
- Local residents will have been sent leaflets detailing the diversions
Hundreds of thousands of people will be travelling to Northamptonshire for what is the largest event in the UK. We will be monitoring traffic levels throughout the weekend. If you are travelling to the Grand Prix please adhere to signage as you approach the circuit as local road closures and diversions will be in place.
For more details on road closures, go to the Highways Agency website.
The British Grand Prix takes place at Silverstone in Northamptonshire this weekend.
One of the teams hoping their drivers will come out on top are based closest to the circuit, Sahara Force India, and they're looking for a strong showing on Sunday.
Chief Operating Officer at Sahara Force India, Otmar Szafnauer said. "Last year we finished 6th, so our objective is to be 5th or higher this year and I think we're well on our way to achieving that, although it's early and there's still a lot of races left."