London, England - Formula 1 supremo Bernie Ecclestone is backing a new proposal to secure the future of the British Grand Prix through a 50-50 deal with Silverstone's owners.
The British Racing Drivers Club (BRDC) is reviewing its options after a members' revolt against plans to lease the circuit to property developer St Modwen for 150 years.
Harry Stiller, an ex-Formula 3 champion and developer who has been a leading critic of the proposed deal, has published alternative proposals.
He said Ecclestone had agreed in principle to "an arrangement whereby there is common ground for a 50-50 deal between the FOM (Formula One Management) and Silverstone on a long-term, ongoing basis."
Ecclestone separately told British weekly Autosport that he supported Stiller's proposal.
"I said I'd be only too pleased to help," the 75-year-old said. "There are various ideas under discussion. He asked me if maybe I could be the promoter. Everything is possible.
"If we were to promote it, we would be looking to go beyond 2009."
The BRDC, a no-profit members' club that owns Silverstone as its primary source of revenue, needs to revamp the former Second World War airfield to secure the future of the race after its current deal expires in 2009.
The board had proposed leasing the facility to St Modwen in a deal that would have included building a luxury hotel and houses on the site. Northern Racing, which controls nine British horse-racing venues, would become the circuit's operator.
Stiller's proposal is being put to all members before an extraordinary meeting on April 28 that will inlcude a vote of no confidence in the board.
"We believe the best and most sensible way forward is to do a deal with Bernie for just the GP," the proposal states.
"The costs of improvements will be shared, the gate money will be shared, the sponsorship income will be shared, the advertising income and many other sources of cash-flow will be investigated and possibly shared."
The proposal includes a slimmed-down board, a new grandstand whose 5 000-6 000 seats would be sold on a debenture basis similar to those for the Wimbledon tennis tournament, and a half-mile oval for non-F1 racing. - Reuters