Crucial new support for the major redevelopment of Silverstone may have secured the future of the British Grand Prix. With doubts growing over the viability of plans to switch Britain's round of the world championship to Donington next season, the race was in danger of being lost had Silverstone's owners not decided to seek the £60million needed to transform it into a state-of-the-art venue.

But at a stormy extraordinary general meeting of members of the British Racing Drivers' Club, who own Silverstone, the board beat off opposition from traditionalists faction to win an overwhelming vote in favour of "entertaining offers" of a deal that could include selling off naming rights to the word famous circuit.

The decision was welcomed by former world champion Damon Hill, now president of the BRDC.

He said: "This vote is a significant result for the future of Silverstone. It is an international sports arena and we are continuing with plans to develop it in keeping with the very highest standards. The primary function of Silverstone will always be racing, hopefully, with a Formula One Grand Prix."

Silverstone is now waiting to see if Donington can meet next month's deadline, set by Formula One supremo Bernie Ecclestone, to secure the £80m it needs for crucial building work to take place ahead of next year's race.

Businessman Simon Gillett shocked Formula One 13 months ago when he announced he had secured a 17-year contract from Ecclestone to stage the event at Donington. As a consequence of Gillett's ambitions, this summer's race won by Red Bull driver Sebastian Vettel was to have been the last to be held at Silverstone, which was the venue for the first-ever world championship round in 1950.

But if the Donington project falls through, as many within the sport suspect may happen, Silverstone has declared it is ready to carry on staging the Grand Prix, and Ecclestone has said he would be happy for the former wartime bomber base to fill the breach next season.

However, Ecclestone also insisted the long-term future of Silverstone as a Grand Prix venue would depend on extensive new spectator facilities, a new pits and paddock complex to match the ultra-modern tracks that have recently been built in Asia and the Middle East.

That is why the BRDC vote was so vital, not only to Silverstone's status as a Formula One venue but also for the future of the British Grand Prix.

It is understood a wealth fund based in the Middle East has already expressed interest in pouring the necessary millions into Silverstone, in return for a lease on the track.

Meanwhile, Brawn GP are to open negotiations with world championship leader Jenson Button and Rubens Barrichello aimed at retaining the two drivers next season.

Team owner Ross Brawn admitted there was "no good reason" not to offer Button and Brazilian veteran Barrichello, winner of last weekend's European Grand Prix in Valencia, new deals.

Talks will take place following Sunday's Belgian round of the title chase, with Brawn confirming: "They are both doing a very good job, so I think after Spa we will start to look at it.

"We needed to get a number of things in place before we could sensibly talk about drivers.

"The Concorde Agreement is done now, and we think our commercial side is going to develop well. So we can sit down after Spa and sort it out."