By GMM

The owner of British grand prix venue Silverstone is on track to securing a contract to keep the formula one race beyond 2009, Damon Hill insists.

Formula 1 chief executive Bernie Ecclestone is adamant that, without improved facilities and higher promotion fees, the race could drop off the calendar in 2010.

The British Racing Drivers' Club (BRDC) has already unveiled plans for a new pit and paddock complex at the Northamptonshire venue to be re-sited between the Club and Abbey corners.

The club's president Damon Hill on Thursday said the plans are on track.

"The negotiations with FOM are ongoing and reasonable terms on a new contract will help us to fulfil our ambitions," the 1996 world champion said.