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Silverstone has set its sights on creating an arena around Stowe corner, but with plans on hold at present until its future has been resolved.

Early in April circuit owner, the British Racing Drivers' Club, entered into an exclusivity agreement with Jaguar Land Rover with regard to negotiations over a potential deal to buy the Northamptonshire venue.

Talks, however, remain ongoing with JLR, with Ginetta Cars boss Lawrence Tomlinson waiting in the wings with his own bid should discussions break down with the Indian-owned company.

Until a resolution is found, Silverstone managing director Patrick Allen has to wait patiently to pursue his plans to further enhance the business.

"I'm looking to create an arena in and around Stowe, so we'll have grandstands all around Stowe, and then we can do things like Race of Champions, World Rallycross and music concerts," Allen told Autosport.

"I think we miss an arena structure, for want of a better word, to create an atmosphere because what we have are grandstands, but they are over 550 acres, and what we need to do is create this atmosphere within a smaller area.

"I love what they've done in Mexico, and I think the drivers love it as well, but it would be different for us because the grand prix circuit would not go through it.

"But what we do want is to become a destination venue for leisure and entertainment, with motorsport at its core, but not solely dedicated or exclusive to motorsport.

"We want to do other types of events, and that way we lessen our dependency on the grand prix as our profit generator.

"It de-risks the business in doing so by having other revenue streams, which in turn makes the grand prix more affordable, and then we can keep the crowds happy by putting on great shows like the grand prix."

As Allen concedes, however, such plans are dependant on who purchases the assets, although he and his team will still be running the business.

Allen added: "What the board are negotiating currently is to ensure we have enough access to the assets so we can run a very efficient, profitable business.

"I don't think they will do a deal unless that can be assured.

"Wherever we can, and again it's part of the negotiations, we will look at where we can gain mutual benefit from investment into the circuit.

"What that deal would do is bring in the investment that is needed to realise our dreams because you can't do it on thin air.

"That's what Jaguar Land Rover would bring to the party as an investment capsule to make us a world-class circuit, and put Silverstone back to where it should be, at the vanguard of motor-racing venues.

"But it's not done deal. They will carry on negotiating until they feel the deal benefits the circuit and Club."

