Formula One Management has given the green light for Silverstone Circuits to stage this year's British Grand Prix on the new £5m Arena Grand Prix Circuit at the Northamptonshire venue.

Most of the straights and high-speed corners have been retained as part of the redevelopment scheme, although a new section has been added after Abbey Corner to take drivers towards Becketts and into an Arena Complex. Work is due for completion in March, which has also included the construction of elevated viewing banks and the relocation of existing grandstands to boost the spectator experience.

Silverstone Circuits managing director Richard Phillips said: "The new sections of circuit were initially brought in to comply with MotoGP safety regulations, but the Arena Complex was always designed with both two and four-wheeled racing in mind. "Some will miss not seeing modern day F1 cars accelerating through Bridge, but we have to move with the times and continue looking at ways to improve the overall experience."

A new Pit and Paddocks Complex between the Club and Abbey corners is set to be unveiled in time for the 2011 Formula One season, which includes new garages, a race control building and a media centre. Image: The new-look Silverstone circuit, including the proposed Pit and Paddock Complex