Silverstone owners receive joint venture proposal

SILVERSTONE, England, July 5 (Reuters) A joint venture proposal has been made to the owners of the British Grand Prix circuit to try to secure the race's future at Silverstone beyond 2009.

Businessmen Bill Archer and Mike Rockall said in a statement today that they had submitted plans to the board of the British Racing Drivers' Club (BRDC).

''Our joint venture proposal can achieve the core objectives of the BRDC; to retain the F1 Grand Prix long term, finance the necessary improvements to Silverstone, and ensure the continuation of the independence, finances and member benefits of the Club,'' they added.

BRDC chairman Robert Brooks said they were 'flattered' to receive the proposal but it was one of several and they intended to proceed with their own plans.

Silverstone, a former World War Two airfield that hosted the first championship grand prix in 1950 and puts on the ninth race of the season on Sunday, faces an uncertain future when its contract with Formula One supremo Bernie Ecclestone runs out.

The Briton's criticism of the circuit in recent years has become as much a part of the British sporting summer as rain delays at Wimbledon.

''I feel sorry for the public that here we are at the British Grand Prix again and we've got a third-rate circuit,'' he told the Times newspaper today.

BRDC president Damon Hill, Britain's last Formula One champion, said in June that the club planned to revamp the circuit with their own means.

While Ecclestone has criticised the pit and paddock complex, drivers have defended the fast circuit.

''Let's just hope the British Grand Prix continues, and if it doesn't then it will be for commercial reasons,'' said Red Bull's David Coulthard in France last weekend.

''In this business anything is possible, especially with all the pressures for people to buy into the Formula One franchise,'' added the Scot, a winner in 1999 and 2000 with McLaren.

''Bernie is also running a business, and what part does emotion play in business?'' REUTERS SY BST2348