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Work on the new grand prix circuit at Silverstone is nearing completion, the British Grand Prix organisers said on Tuesday.

The multi-million pound investment in a new track layout for this year's race, as well as improved spectator facilities, is on schedule to be finished by the end of the month.

The new 'Arena' layout will host this year's British Grand Prix, but also MotoGP and World Superbike rounds.

"Work on the circuit and venue is on schedule," said Silverstone managing director Richard Phillips. "The team has been working around the clock, through some pretty terrible weather conditions, to make sure the circuit is ready on time.

"The track works at Brooklands and Woodcote are now complete, including the new run-off area for the fast entry into Pits Straight, while the major new development - the new section of circuit from Abbey, up to the Arena Complex and round to the National Straight - is also coming along nicely.

"There is still a considerable amount of work going on at Silverstone, including the new elevated banks and spectator viewing areas, which will continue beyond March. Conference and hospitality buildings are also being built on the new Stowe Complex."