The British Racing Drivers’ Club’s masterplan for the redevelopment of Silverstone racetrack no longer includes a housing element as a source of funding.

Silverstone Circuits (SC), the operator of the racetrack, is reviewing other ways to finance the project, which includes the £35m redevelopment of the pit and paddock. The plan is still to fund the project through the sale of land.

Architects HOK Sport are responsible for the new design, which still involves creating a new pit straight with reorganised entry and exit points, a reconfiguration of Club Corner and a new Abbey section.

When complete, Silverstone will also feature an extreme sport and leisure complex, two hotels and a welcome centre with a museum. There will also be a manufacturer test centre and business park along with a new, joint-use, university campus for Northampton, Cranfield and Buckingham which will focus on education relevant to Silverstone including sport, PR and engineering.

A spokesperson for Aylesbury Vale council, Michael Edmonds, said: “This is an exciting project that will help Silverstone strengthen its international role as a world-class motorsport facility.”

A spokesperson for SC said:"Regardless of Donington getting the Grand Prix from 2010, Silverstone is still used 361 days a year." The purpose of the redevelopment is to secure the future of Silverstone by continuing to attract people all year round.

Both South Northamptonshire Council and Aylesbury Vale District Council have adopted the amended plans, and Silverstone Circuits expect to begin work on the new facilities early next year.