Silverstone has submitted a "comprehensive" planning application for the next phase of its masterplan to safeguard the venue as the home of the British Formula One Grand Prix.

It follows the completion of a new multi-million pound pit and paddock complex, which was unveiled earlier this year and boasts 41 garages; a media centre; and three large halls. The latest plans - lodged with South Northamptonshire District Council and Aylesbury Vale District Council - include a business park; three hotels; a museum; and a kart track.

An outdoor stage; a technology park; and an education campus also forms part of the scheme, which conforms with the Silverstone Development Brief issued in February 2009. Silverstone Holdings managing director Richard Phillips said: "This is the most important initiative that Silverstone has taken in its 60 year history.

"Approval of this planning application will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology and support its vision of becoming a world-leading motor sport destination."