Plans to redevelop Northamptonshire's Silverstone race track could create many new construction jobs, it has been suggested.

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Blueprints have been drawn up to improve the pits and paddock area of the track after the track's management signed a 17-year deal to host the British Grand Prix from 2010.

Northamptonshire County Council has been working with Silverstone Holding Limited to secure a £10 million loan for the redevelopment of the circuit, which was was opened as a World War Two airfield in 1943 and hosted its first race event five years later.

Jim Harker, council leader, said: "We have been working with Silverstone behind the scenes for many months and we are delighted to be able to recommend this support to them which is not only good news for the circuit but also for the county's taxpayers."

He added that the British Grand Prix - which attracted more than 9,000 visitors last year - is vital to the businesses of Northamptonshire.