Silverstone is hopeful that it will be able to conclude a deal to stage the British Grand Prix within the new few days.

The Northamptonshire-based track is now favourite to stage the event next year after Donington's bid collapsed [see separate story - click here].

However, speaking in an interview with SportsPro Media.com, Silverstone managing director, Richard Phillips added that the need to get something sorted was now fairly urgent, as otherwise there just wouldn't be enough time to sell tickets and market the event and sort certain logistical matters.

"That point is coming fast," Phillips conceded. "You've got to sell an awful lot of tickets to break even with a Grand Prix and it's the last few tickets where actually you start to make a profit.

"And moving forward it's probably going to be more expensive to stage that event than the past contract. To an extent I think it's 'when does it not become viable to run a Grand Prix?'

"It's a bit of a waiting game. [But] we've always said we're more than able to run a Grand Prix. We had a massively successful Grand Prix this year - 300,000-odd people there over the race weekend - and everyone had a great time.

"There's no worry about our ability to bring it forwards. We're ready to go on sale if needs be and we're keeping in touch and watching with great interest really. We're hopeful that something will resolve itself in the next few days."

The 2010 British Grand Prix is scheduled to take place on July 11.

More to follow as and when it develops...