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Silverstone managing director Richard Phillips believes Formula 1 can now be proud of the revamped venue.

He was speaking after providing the first glimpse of the new £27m pit and paddock complex that is currently six months into construction and is due to be completed by May 2 next year.

F1 supremo Bernie Ecclestone once described the British Grand Prix at Silverstone as "a world event masquerading as a country fair".

Phillips concedes Ecclestone "maybe had a point" but thinks he will be bowled over by what he sees when he pays a visit before Christmas.

"He [Ecclestone] had a look around during the grand prix, and he has promised he will come up in the next few weeks and have another look," said Phillips.

"Since we negotiated the new contract, he is extremely supportive as he was very pleased with the new circuit and what happened with the grand prix in the summer.

"He also thinks the new building is stunning, so he really is very much on side.

"We can be proud of what's happening here and hold our heads up, and that was important to him as well.

"We've moved on quite a lot. Silverstone is being brought into a more competitive age in terms of the global situation.

"With the new track, this facility and others we have planned, we are now starting to challenge the best motor racing circuits in the world."

Phillips admits, however, that Silverstone needs a business partner to help with the financing – and a hotel chain looks the most realistic option.

A 400-bed hotel will likely be attached to a grandstand along the new start-finish straight that could run to more than 400 metres.

If planning permission is approved and Silverstone attracts a partner, the earliest such a venture would be up and running would be 2013.

Phillips added: "Financially we're fine at the moment. We've used a lot of our own money – we have used all of our own money actually.

"Up until July, that was the first time we started to borrow money so we are now gearing the business, which is something we hadn't done in the past.

"But we are fine doing that because the business is performing well and making a profit, so we're very happy with that.

"Moving on to the next phases, we won't be able to do it on our own. We would be naive to think that.

"We will need to partner with people to be able to do that, to get the big investment that is really needed.

"There are five international brands that would like to be here now, but we've not made a decision."