The Aylesbury Vale District Council and South Northamptonshire Council have given the circuit permission to push ahead with development of a business park, technology park, education campus, three hotels, a welcome centre and museum of motorsport. Other features include a kart track and outdoor stage and grandstands and support paddock.
Richard Phillips, managing director of Silverstone Holdings Ltd said: "We are delighted with the outcome and approval of this planning application - this is the most important initiative that Silverstone has taken in its 60-year history as the Home of British Motor Racing. This planning approval 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 motorsport destination.
The project promises to create around 8,400 permanent jobs and 550 construction jobs per annum.
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