The owners of the Silverstone racing track are in favour of a take-over by Jaguar Land Rover (www.jaguarlandrover.com). Members of the British Racing Drivers’ Club (BRDC) (www.brdc.co.uk), which owns the Northamptonshire circuit, have decided that the board should continue negotiations in order to finalise a deal with the automotive giant.

In a statement, the BRDC said: “The potential deal, which will only be completed if the board can agree terms with JLR that it believes to be in the best interests of the BRDC, would align Silverstone with two premier British brands and put the BRDC on a stronger financial footing.”

JLR’s plans include a museum and a visitor centre, as well as a five-star hotel and a design workshop. The company says that it could also move up to 1,700 staff to Silverstone.

A spokesman said: “Jaguar Land Rover regularly evaluates opportunities to support its long-term and sustainable growth in the UK. As part of this, we are exploring potential options at Silverstone with the BRDC, but it is too soon to share details.”