Formula One boss Bernie Ecclestone has given Silverstone's owners a month to guarantee improvements and assure the future of the British Grand Prix.
Ecclestone said the British Racing Drivers' Club (BRDC),which owns the venue, should use the rent of £8 million sterling a year it gets for the grand prix rights to raise a loan to pay for improvements.
The BRDC has sold the rights to promoters Octagon (now Brands Hatch Circuits) until 2015.
"They could make up their minds next week if necessary, if[BRDC president] Jackie [Stewart] says we can do it and thegovernment comes on board," Ecclestone told reporters. "I don't want to dump the British Grand Prix," he said.
"I want a British Grand Prix, but I want it to be the best.We are supposed to be the best in this country and this should be the best grand prix in the world.
"When both of those things have happened, then we are inbusiness," said Ecclestone. "We have said then that we willconfirm in writing that the FIA Formula One world championshipwill remain at Silverstone until 2015.
"If we have not got a firm commitment from those people bythe middle of August, then we will be able to make an agreement with Octagon to say bye-bye and get out of it. Simple as that," he said.
"Then we would be out in the cold with nowhere to race andsomeone would come forward and ask to race at their place,Donington or wherever".
Ecclestone suggested that neither Donington Park, whichrecently hosted the British motorcycle grand prix, or BrandsHatch would be viable alternatives, however.