Multi-million pound plans have been unveiled to develop land around the Silverstone racing circuit.
Silverstone Park is set to become the epicenter of the multi-billion pound motorsport industry, thanks to the new scheme which will create new businesses, hotels and education facilities.
It comes ahead of an historic weekend, which sees the Northamptonshire circuit host its 50th British Grand Prix. Sarah Beecroft reports.
A multi-million pound project to develop land around the Silverstone race circuit in Northamptonshire has been unveiled.
The news comes ahead of this weekend's 50th British Grand Prix to be held at Silverstone.
Northamptonshire-based F1 team Mercedes has unveiled its newest car at Jerez in Spain this morning.
The team are there for pre-season testing. The team has hailed the F1 W05 car as the first all new Mercedes to compete in Formula One since 1954.
More details on the Mercedes website
Northamptonshire-based Formula One team Mercedes have announced that Team Principal Ross Brawn is to step down.
As we reported last month, speculation had been mounting that Brawn was considering his position and it's now been revealed that he will leave at the end of the year.
Executive directors Toto Wolff and Paddy Lowe will now lead the team heading into the 2014 season, with Lewis Hamilton and Nico Rosberg confirmed as the team's drivers.
Speaking to the team's official website, Brawn said that the time was right to call time on his association with Mercedes:
"The most important consideration in my decision to step down from the role as Team Principal was to ensure that the timing was right for the team in order to ensure its future success.
"The succession planning process that we have implemented during this year means we are now ready to conduct the transition from my current responsibilities to a new leadership team composed of Toto (Wolff) and Paddy (Lowe).
“Mercedes-Benz has invested significantly in both the personnel and infrastructure at Brackley and Brixworth.
"Thanks to the one-team approach we have implemented between the two facilities, the team is uniquely positioned to succeed in 2014 and I am proud to have helped lay the foundations for that success."
The British Grand Prix is taking place today at Silverstone in Northamptonshire. Last year 297,000 people attended despite torrential rain which almost saw the event cancelled.
Top drivers from around the world will be competing in the Grand Prix which has been held since 1950.
The race includes 52 laps around the circuit - a total of 5,891km. The lap record for the circuit has stood since 2010 when Fernando Alonso set a time of 1:30.874.
The British Formula One Grand Prix returns to Silverstone in Northamptonshire this weekend.Read the full story ›
No through traffic allowed due to F1 Grand Prix at Silverstone on A43 in both directions between A422 (Brackley) and A5 (Towcester).
Only race spectators will be able to use this section of the A43. A one way system will be in place for traffic heading to Silverstone in the morning and away from Silverstone in the afternoon.
Diversion - Between M1 J15 using A508 and A422 via Old Stratford and A421 between Buckingham and the A43 just South of Brackley.
The wretched British summer wreaked havoc over Silverstone as first practice for this weekend's grand prix was almost a total washout. As rain poured the teams decided to remain dry in their garages despite the tens of thousands of fans packed around the Northamptonshire circuit.
The only action during the opening 75 minutes was an installation lap apiece from all the drivers bar Lotus' Kimi Raikkonen and Jean-Eric Vergne in his Toro Rosso.
It was Vergne's team-mate Daniel Ricciardo who ultimately took the lead. Only 11 drivers bothered to post a time.
Around 100,000 people are expected to descend on Silverstone in Northamptonshire this weekend for the British Grand Prix. Practice gets underway today with qualifying tomorrow and the race on Sunday.
Three local teams are taking part, Red Bull from Milton Keynes, Mercedes from nearby Brackley and Force India, which based just outside the circuit.