Silverstone has submitted a 'comprehensive' planning application as part of its next step in securing the future of the Northamptonshire track, home of the F1 British Grand Prix.

The application to Aylesbury Vale District Council and South Northants District Council conforms with the 'Silverstone Development Brief' issued back in February 2009 and includes the development of a business park, technology park, education campus, three hotels, a museum, kart track and an outdoor stage.

It is reported that development of the 'masterplan' will create around 8,400 permanent jobs in the firms and activities attracted to the site, plus an average of around 550 construction jobs per annum throughout the development phase.

"This is the most important initiative that Silverstone has taken in its 60 year history," said Richard Phillips, Managing Director of Silverstone Holdings Ltd. "Things have changed dramatically since the early days.

"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."

"The submission of this planning application is a big step forward in releasing the commercial potential of Silverstone and its 760 acre Estate," added Stuart Rolt, Chairman of the British Racing Drivers' Club. "The timing of this planning application is closely linked into the process we are currently undergoing to seek potential investment from third parties that will enable us to move forward with our plans more rapidly."

The developments of course follow on from the new pit and paddock complex completed earlier this year.