Length of contract: N/A | Annualised value: N/A | Overall value: US$8 million

Silverstone Circuits Ltd has unveiled plans to spend US$8 million on circuit improvements in the 2009/2010 off-season. The circuit is being altered to make it more suitable for motorcycle racing, which is now the biggest event at the circuit following the loss of the Formula One Grand Prix.

Silverstone signed a new deal with MotoGP, the motor cycling world championship, to replace Formula One from 2010. Ironically the MotoGP contract was previously held by Donington Park, which will now host Formula One.

Without Formula One to worry about Silverstone can do what it likes with the circuit and is taking the opportunity to develop a section of the track specifically to increase spectator satisfaction for motorbike action. It is also remodeling Woodcote corner and its stadium section.

Most of the money will be spent on a new permanent section of track running from the approach at Abbey corner to a new section it is calling the Arrowhead at the inside of Becketts corner. The Arrowhead will then join up with an existing straight. More significantly new track layout options are being laid at Chapel corner and Club corner specifically for MotoGP.

The circuit alterations have been provisionally approved by FIM, the governing body of motorcycle racing, subject to final homologation. A circuit spokesman called the change: "A stunning feature for riders, drivers and spectators alike." The new Arrowhead and its approach will provide a focal point for overtaking and will have spectator areas integrated and be overlooked by the existing grandstand at Becketts corner.

The third major change will be the removal of part of the stadium section. The chicane at Woodcote is being completely removed to speed up the track action in the stadium area, but will also make the entrance to Woodcote corner a lot faster and restore the drama which was lost for safety reasons by various past modifications to suit Formula One.

To make it safe, the existing tubular steel grandstands and the Armco barriers will be moved back to create a run-off area. This will significantly change the character of the track.

The construction work will be carried out between November 2009 and March 2010, when the circuit will be closed to competition. Silverstone has also made vague promises to move other existing grandstands closer to the track.

Silverstone circuit, which is owned by the British Racing Drivers Club and run by Richard Philips, has now virtually abandoned Formula One and thrown its lot in with motorcycling's top event.

Its timing has proved fortuitous as the recent strengthening of the dollar has, in any case, made the Formula One event inherently unprofitable. The circuit expects to make a substantial profit from hosting MotoGP which is paid for in euros. Silverstone has signed a five-year agreement with promoters Dorna SA.

But interestingly the planned US$35 million investment in a new pits and paddock upgrade seems to have been forgotten and will not now go ahead. Phillips was keen to emphasise Silverstone's other benefits and said "Silverstone is one of the easiest circuits to get in and out of in the world, we have sizeable hard-standing car parks, and the facilities for teams, media and fans are second to none.

"We now have an opportunity to make some exciting changes to the circuit and fundamental improvements to the viewing experience for fans."

One of the side effects of the new layout will be that it enables spectators to circulate around the venue more easily and a decision has yet to be made whether to allow fans back into the centre of the circuit.

They were banned five years ago by Bernie Ecclestone.