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Silverstone managing director Richard Phillips wants to make the circuit into the best motor racing destination in the world.

The Northamptonshire track signed a 17-year contract in December to host the Formula 1 British Grand Prix after Donington Park failed to secure funding for a major refurbishment.

Silverstone has spent £5m on a new layout ahead of this weekend’s British GP and a new pit, paddock and media centre complex is being built for next year’s event.

“We intend to be the best circuit in the world,” said Phillips. “We will never compete with Abu Dhabi who have built a hotel that lights up in different ways, which is absolutely fantastic. But do we have a better circuit than they do? Yeah, I think we do. Do we have better crowds, better atmosphere? Yes, we’ve all those things.

“So we’ve something they, and a lot of these emerging circuits around the world, will never have. If we can perfect our track – I’m not saying we’re absolutely there yet – and everything we do build is cutting edge and really spectacular, then why wouldn’t people think we’re the best in the world?”

Phillips added: “I would say that in somewhere between three and 10 years we would hope to achieve our aim. We’re almost emerging again – a rebirth if you like. We’re trying to cover an awful lot of ground in a short period of time. I wouldn’t pretend we’re going to achieve it in anything less than that.”

Since negotiating an extension to the F1 contract in December, Silverstone has added MotoGP and World Superbikes to its list of events. “With a 17-year deal we can now strive to be the national stadium for motorsport, which is where we want to be,” he continued. “We want to be sitting right up there on the world stage competing with Wimbledon, Twickenham, Wembley, and all of the other premier sporting venues.”