Silverstone has confirmed it has been allocated ?446,068 from the Heritage Lottery Fund as part of a bid for ?9.1 million for its 'Silverstone Heritage Live' project.

'Silverstone Heritage Live' is due to open in 2016 and is being created in a bid to bring the circuit's 'history to life'.

It will include the British Racing Drivers' Club (BRDC) archive, a heritage trail and live interactive experiences within a Heritage Hub located at the entrance to the circuit.

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As well as the BRDC archive, which is 'a unique collection that charts the history of the Club', other high profile motor sport names including David Coulthard and Eddie Jordan have all pledged items from their collections to be on display at the Silverstone Heritage Hub.

"We are very proud to have won this grant and are extremely excited about the project," said Stuart Rolt, BRDC chairman. "The BRDC and Silverstone have played an important part in the history of British motor sport, and the Silverstone Heritage Hub will give us an opportunity to share this with motor sport fans from around the world.

"The experiences, memories and collections of the BRDC Members, fans and others associated with the sport provide a unique resource with which to tell the compelling story of Silverstone and British motor sport, and we believe the Heritage Centre will increase our visitor number by over 300,000 each year."

Vanessa Harbar, Head of Heritage Lottery Fund East Midlands, added: "We loved the British Racing Drivers' Club's vision for this exciting project, which will open up the magic of Silverstone to both motor enthusiasts and those with an interest in the wider history of the site. Silverstone is unique as a not-for-profit drivers' club and we're looking forward to working closely with the Club as their plans develop further over the coming months."

In addition to the ?446,068 from the Heritage Lottery Fund, the BRDC plans to add further cash and volunteer input to allow development work to a total value of almost ?892,136 to be undertaken.

The application for the full grant will be submitted in November.