Jaguar Land Rover has been given exclusive negotiations from the owners of Silverstone in its bid to purchase the circuit after a vote by the British Racing Drivers' Club.
The BRDC held a meeting at the Northamptonshire track on Thursday (7th April) to host a vote on the issue which gained sufficient backing to give Jaguar Land Rover the exclusive negotiations on the sale of the site.
It is believed the deal will be worth around £33m in return for the 249-year lease on the circuit, while the BRDC will still own the company which runs the Formula 1 British Grand Prix and pay the cost for hosting the event.
A second offer had come in from Ginetta owner Lawrence Tomlinson but due to the exclusive negotiation rights it won't be able to pitch its case until July.
The first British Grand Prix took place at Silverstone in 1950 and the track currently hosts F1, MotoGP (under a deal with Circuit of Wales), WEC, BTCC, BSB, British GT, Blancpain GT and a number of other motorsport series.