Cadwell Park could host Formula 3 and GT Racing after £6m revamp plan
Cadwell Park could become one of the country's most impressive race circuits.
The Echo can reveal the famous Lincolnshire venue will undergo a multi-million-pound revamp – as long as an agreement can be made with nearby landowners.
It is believed the dated site will receive a timely boost with a £6 million track extension, new grandstands, new pits, better dining facilities, a hotel and museum.
MotorSport Vision, who own the track, will fund the project. Parts of the track will need to be widened in order to stage Formula 3 and GT Racing events.
Lincolnshire County Council is planning to build a new motor technology park on a large plot of land just north of the circuit, off the A153.
The Crown Estate is currently leasing the land to a local farmer, but county Councillor Eddy Poll, executive member for economic development, is hopeful a deal can be struck.
He said: "Proposals for the Cadwell Motor Technology Park are still in the very early stages. This is an excellent project and we want to make sure it's carried out in a way that has minimal impact on the landscape of the Lincolnshire Wolds – an area of outstanding natural beauty.
"That means careful planning, which will take time.
"Our ultimate goal is to develop something similar to what has been achieved around Silverstone, albeit on a smaller scale.
"We will be seeking to create infrastructure and facilities that will attract new companies to the area, bringing employment opportunities.
"It's envisioned that these will predominantly be new start-up or spin-off businesses in the motor and transportation technology sector."
Neither MotorSport Vision or the local authority could disclose when they hoped work would be completed.
If given the go-ahead, the development would generate hundreds of new jobs in the county.
"This project has enormous potential," Mr Poll said.
"The grandstands are currently made up of old wooden seats and it really is out of date. The British Superbikes Championship is by far the biggest sporting event in the county.
"In terms of facilities, the venue is lacking some real basics, but this development could make it one of the best in the country."
Both the local authority and MotorSport Vision are keen to retain all environmental features.
The Echo understands a running track and walking path will be created around the project for those wishing to take part in cross-country or walk their dogs.