Motorsports: Silverstone has been given outline planning permission for its 20-year masterplan by the two local councils at the heart of the scheme.
It means the circuit can now push ahead with development of new facilities that include a business park, technology park, education campus, three hotels, a welcome centre and museum of motorsport.
There will also be a kart track and outdoor stage, whilst ancillary features include grandstands and support paddock, and to improve pedestrian access there will also be a new bridge and tunnel.
The support of Aylesbury Vale District and South Northamptonshire Councils means the creation of around 8,400 permanent jobs with firms and activities attracted to the site.
There is also likely to be an average of around 550 construction jobs per annum throughout the development phase.
Silverstone Holdings Ltd managing director Richard Phillips said: "We are delighted with the outcome and approval of this planning application.
"This is the most important initiative Silverstone has taken in its 60-year history as the home of British motor racing.
"This planning will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology and retain its position as a world-leading motor sport destination."
It now remains to be seen as to who has won the bid to assist Silverstone with the redevelopment given the circuit has made no secret of the fact they require considerable investment to bring their plans to fruition.